Shell Cuts Dividend For First Time Since WWII On Oil Crisis
Royal Dutch Shell on Thursday cut its dividend for the first time since the 1940s after a first-quarter loss — and warned virus-ravaged oil prices will take time to fully recover.
Earnings on a current cost-of-supplies basis — stripping out changes to the value of oil and gas inventories — sank 46 percent to $2.9 billion in the reporting period, Shell said. It warned that the pandemic would spark a difficult second quarter — with no price bounceback in prospect.“It would be too naive at this point in time to say: we know what is happening, this is just another downturn, things will bounce back, and we will get to where we were before,” van Beurden told Bloomberg TV.He added that human behaviour had changed rapidly to halt the spread of the deadly pandemic — and indicated less oil-intensive travel could become the new normal.
Earlier this month, the market went into meltdown with New York light sweet crude briefly diving into negative territory as sellers had to pay to offload oil with storage capacity at breaking point.
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