Breakingviews - Shell’s dividend surrender is a necessary evil [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Breakingviews - Shell’s dividend surrender is a necessary evil LONDON (Reuters Breakingviews) - The great 2020 oil crash is now officially a crisis. Not because Covid-19 has caused an unprecedented drop in global demand, or because Brent crude prices have fallen by two-thirds and U.S. crude futures turned negative last week. Rather it’s because Royal Dutch Shell, has cut its dividend. To put it mildly, the group’s slash - from 47 cents to 16 cents for the quarter - is unusual. Even after 2008 Shell maintained cash payouts, albeit with the option to receive stock. The last time the group didn’t pay cash dividends was in World War Two, and the last time it cut them - as opposed to a temporary suspension - was during the Great Depression, according to Bernstein. Given that domestic rival BP chose to maintain its dividend on Tuesday, one interpretation is that Chief Executive Ben van Beurden either lost his nerve or is presiding over a flakier company. The Shell boss appeared to have some
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