Royal Dutch Shell (RDS.A) and (RDS.B) had a historic dividend cut a few days ago. Investors will now be watching U.S. oil majors Chevron and Exxon Mobil, which are both due to release results Friday.Tamas Varga, senior analyst at PVM Oil Associates, told CNBC via email that Shell had taken the "same approach" as Norway's Equinor by cutting its quarterly dividend by roughly two-thirds. The board at Shell said it had decided to reduce the oil major's first-quarter dividend to $0.16 per share, down from $0.47 at the end of 2019. "The energy giant's results come shortly after a historic plunge in oil prices.WTI futures had fetched more than $60 a barrel at the start of the year. Royal Dutch Shell Plc said it will be well placed to boost shareholder payouts once the oil market recovers, as it sought to appease investors after last month’s surprise dividend cut. "On the face of it, the dividend cut and cancellation of share buybacks may be seen by some shareholders as a negative move in the short term," David Barclay, senior investment manager at Brewin Dolphin, said in an email. Shell expects to increase its dividend payouts to shareholders once it completes the $25 billion share buyback by the end of 2020 it promised following its BG acquisition. "However, given the risk of a prolonged period of economic uncertainty, weaker commodity prices, higher volatility and uncertain demand outlook, the Board believes that maintaining the current level of shareholder distributions is not prudent. "As demand destruction bites, cash is king." The Hague, July 30, 2020 – The Board of Royal Dutch Shell plc (“RDS” or the “Company”) today announced an interim dividend in respect of the second quarter of 2020 of US$ 0.16 per A ordinary share (“A Share”) and B ordinary share (“B Share”). A dramatic fall-off in demand as a result of the coronavirus outbreak has sent oil prices tumbling.On Thursday, the June contract of WTI traded at $16.55 per barrel, almost 10% higher for the session, while international benchmark Got a confidential news tip? Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Shell CEO: Era of investing in upstream will be with us for some time to come
"We are confident that our strategy is working (and) we are confident that the outlook for 2020, that we promised in 2017, is going to be met," Shell CEO Ben van Beurden told CNBC's "Squawk Box Europe" on Tuesday. "Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our resilience, underpin the strength of our balance sheet and support the long-term value creation of Shell," he added. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. You can find more details by going to one of the sections under this page such as ex-date, dividend and payment date. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. That's a reduction of 66%. Shell cut the regular quarterly dividend on the ADR or ADS shares by approximately 66% from $0.94 per share to $0.32 per share. 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 $2.5 billion for the quarter.Shares of Shell dropped to the bottom of the European benchmark during early morning deals, down more than 7%.
Varga said, adding that suspending share buybacks, slashing capital expenditure and reducing dividends were "becoming the norm. "We have confidence that we can not just only do the dividend (but) we can grow the dividend and continue with share buybacks as well. The Hague, April 30, 2020 – The Board of Royal Dutch Shell plc (“RDS” or the “Company”) today announced an interim dividend in respect of the first quarter of 2020 of US$ 0.16 per A ordinary share (“A Share”) and B ordinary share (“B Share”), reduced from the US$ 0.47 dividend for … Rival Exxon and Chevron also plan to increase spending.Shell said its capital spending will average $30 billion per year between 2021 and 2025, with a ceiling of $32 billion. "However, looking further ahead it could well prove to be the right step as Shell looks to strengthen its financial position and cut costs during a very difficult time. The cut was driven by the plunge in oil prices to historic lows and weakened global economic outlook. "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. Royal Dutch Shell has slashed its dividend for the first time since World War II after profits were wiped out by a historic collapse in oil demand caused by the coronavirus pandemic. It spent $24.8 billion in 2018.Got a confidential news tip? Details relating to the second quarter 2020 interim dividend Get information about Royal Dutch Shell B dividends and ex-dividend dates.
"Shell shares were down almost 1% during mid-morning deals.Shell said it was on track to deliver on its commitment to increase cash generation and carry out one of the world's largest share buyback programmes of $25 billion by the end of next year.The world's second-largest listed oil and gas company after Despite a slow and bumpy recovery in oil prices, it reported the largest profit among its peers last year and a jump in revenue from previous years.Shell said its free cash flow - cash available for dividends and share buybacks - is set to rise to around $35 billion per year by 2025 based on a Brent crude oil price of $60 per barrel.That compares with $28-33 billion in free cash flow it expects to deliver by the end of next year.It said the cash delivery "creates the potential to distribute $125 billion or more to shareholders" in the form of dividends and share buybacks between 2021 and 2025.That compares with distributions of around $90 billion between 2016 and 2020.Shell expects to increase its dividend payouts to shareholders once it completes the $25 billion share buyback by the end of 2020 it promised following its BG acquisition.Shell, the world's biggest dividend payer at $16 billion a year, last increased its quarterly dividend in the first quarter of 2014 to $0.47 per share.But while offering sweeteners to investors, Shell also outlined plans to increase its spending in the next decade.
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