The group said it plans to increase shareholder distributions to within the range of 20 per cent to 30 per cent of cash flow from operations, starting from its second quarter results announcement on July 29.
It said the move comes on the back of a "strong operational and financial delivery, combined with an improved macroeconomic outlook".
Oil prices have been rebounding as demand for crude has begun to recover, with many countries now emerging out of coronavirus lockdowns thanks to vaccination programmes.
Shell also revealed it expects to have further slashed its debt pile in its second quarter and will ditch its "milestone" £47bn debt target, instead moving to goals including further strengthening of its balance sheet.
The group had already reduced its net debt to £51.6bn in the first quarter and revealed at the time it would increase the amount of money it distributes to shareholders when the debt target was reached.
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