Oil major Shell slashes dividend for the first time since World War II [MSNBC.com]
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: MSNBC.com
Carl Court | AFP | Getty ImagesOil giantRoyal Dutch Shell"Shareholder returns are a fundamental part of Shell's financial framework," Chad Holliday, chair of the board of Royal Dutch Shell, said in a statement."However, 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 also reported that net income attributable to shareholders on a current cost of supplies (CCS) basis and excluding identified items, which is used as a proxy for net profit, came in at $2.9 billion for the first quarter of 2020. That compared with $5.3 billion in the first quarter of 2019, reflecting a year-on-year fall of 46%.Analysts polled by Refinitiv had expected first-quarter net profit to come in at $2.5 billion for the quarter.Last week, Norway's Equinor became thefirst oil major to cut its dividendInvestors will now be watch
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