“Never Sell Shell” Adage Goes into Dustbin, IOC Future in Doubt? [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
With a surprise statement to the financial world, theDutch-British oil giantShell cuts dividend for first time since WW2TheFTSEoil pricesOne of the main underlying issues for the dramatic decision by Shell are the dramatic financial figures reported for Q1 2020. In its financial statement the IOC reported that its profits in Q1 tumbled by 46% to $2.9bn £2.3bn), in comparison to $5.3bn in Q1 2019. Van Beurden reiterated that the dividend cut is based on the need to address the continued deterioration in the macroeconomic outlook and the significant mid- and long-term uncertainty.He also said that it was meant to bolster the company’s resilience, underpin the strength of Shell’s balance sheet and support the long-term value creation. The company still will pay out a total dividend of $3.5bn for the quarter to its shareholders.Shell’s move has come at a difficult timeAs the financial world is fully focusing on the impact of Corona, the global lockdown and expected negative economic growt
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