Shell Curbs Buyback, Cuts Spending Forecast [Yahoo! Finance News]
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: Yahoo! Finance News
Bloomberg) -- Royal Dutch Shell Plc said it won’t continue with the next phase of its share buyback program, joining a growing list of energy companies enacting cost savings to weather the market crisis. The oil major announced Monday it was taking “immediate steps to ensure the financial strength and resilience” of its business. The decision to suspend share repurchases follows similar moves by Italy’s Eni SpA and Norway’s Equinor ASA, as the coronavirus pandemic and a glut of supply ravage commodity prices. Shell said its intention to complete the buyback program remains unchanged, though “it is not likely to be feasible before the end of 2020.” The company sees a reduction in 2020 cash capital spending to no more than $20 billion from the planned $25 billion. It also expects to cut underlying operating costs by between $3 billion and $4 billion over the next 12 months from 2019 levels. The measures come as little surprise. Chief Executive Officer Ben van Beurden warned earlier this
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