The much more interesting thing is how the whole company has been turned into a cash cow.
That doesn't seem to be what Shell is doing.
1. I'm reading too much into it. I'm not a credentialed Shell-watcher. But those reserve replacement numbers do seem mighty low.
2. They're making a virtue of necessity. Capex is still pretty high, ditto cost of marginal barrels added to reserves...
Which leads to...