Shell cuts its dividend for the first time since the Second World War [Toronto Globe and Mail (Ontario, Canada)]
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: Toronto Globe and Mail
Shell cuts its dividend for the first time since the Second World War Oil giant Royal Dutch Shell reported quarterly results on Thursday. ADRIAN DENNIS/AFP/Getty Images Oil giant Royal Dutch Shell reported quarterly results on Thursday. Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday in a drastic step to preserve cash as it prepares for a protracted slump in demand for oil because of the coronavirus pandemic. The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and gas output by about a quarter after its net profit almost halved in the first three months of 2020 to $2.9 billion. The new measures combined with cuts in capital spending and planned cost reductions announced last month could save Shell almost $30 billion this year to help it weather the crisis and prepare for the transition to low-carbon energy. “We are living through a crisis of uncertainty,” chief executive officer Ben van Beurden said. “If we
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