Shell cuts dividend for first time since World War Two [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
FILE PHOTO: A Shell logo is seen reflected in a car's side mirror at a petrol station in west LondonBy Ron Bousso and Shadia NasrallaLONDON Reuters) - Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.Shell also suspended the next tranche of its share buyback programme and said it was reducing oil and gas output by nearly a quarter after its net profit almost halved in the first three months of 2020.Shell's shares in London dropped 6.7% in early trading on Thursday, underperforming rival BP ."Given the risk of a prolonged period of economic uncertainty, weaker commodity prices, higher volatility and uncertain demand outlook, the Board believes that maintaining the current level of shareholder distributions is not prudent," Shell Chairman Chad Holliday said.For years, Shell has taken pride in having never cut its dividend since the 194
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