You have two wars directly affecting major hydrocarbon exporting countries and the strategic reserves of several countries are at a generational low. Shell is likely betting that oil is going to spike, which probably isn't bad for electrification as a concept.

We've also been seeing in adjacent industries that the skills to succeed in hydrocarbon related energy don't exactly transfer well to non-hydrocarbon related energy. Shell may be bad at building out solar because solar works on different scales than they are used to.