Shell’s Dividend Cut Shows This Time is Different for Big Oil [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) -- When the boss of Royal Dutch Shell Plc slashed his dividend on Thursday, he didn’t just shock investors. He tore up the industry’s financial playbook.For decades Big Oil has used the strength of a large balance sheet to borrow money when the going gets tough and keep investors sweet until the next upward cycle.As the coronavirus pandemic potentially causes lasting damage to energy demand, Europe’s largest oil company asked whether this strategy is sustainable.“I would say no,” said Shell Chief Executive Officer Ben van Beurden. “It’s also not wise and prudent, nor even responsible, to pay out a dividend if you know for sure you have to borrow for it.”Oil majors had no problem borrowing to pay shareholders during previous downturns. Over the years, Shell has weathered recessions, wars, nationalizations, and deep price slumps.So why is this time different?Lasting DamageThe coronavirus pandemic has delivered an unprecedented hit to demand through global lockdowns and it’s h
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