Royal Dutch Shell cut its dividend for the first time since World War Two. The energy major 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
Following years of deep cost cuts after its acquisition of BG Group for $53 billion in 2016, Shell had previously planned to boost payouts through dividends and share buybacks to $125 billion between 2021 and 2025.
Shell last month said it would reduce capital expenditure this year to $20 billion at most from a planned level of about $25 billion and cut an additional $3 billion to $4 billion off operating costs over the next 12 months. Shell’s first-quarter net income attributable to shareholders based on a current cost of supplies and excluding identified items fell 46% from a year earlier to $2.9 billion, above the consensus in an analyst survey provided by Shell.
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