Shell (SHEL) said Tuesday on Capital Markets Day it will raise shareholder distributions to 40-50% of cash flow from operations from 30-40% previously, while keeping its 4% annual dividend rate.

The company also said it aims to strengthen its position in liquefied natural gas by increasing sales by 4-5% annually until 2030.

This includes plans to produce 1.4 million barrels per day of liquids production until 2030, with a focus on growing its combined upstream and integrated gas business by 1% annually, Shell said.

Its cost reduction targets are set to $5-7 billion, while capital spending is expected to be

around $20-22 billion annually through 2028.

The company's shares were up almost 1.5% in recent Tuesday premarket activity.