Shell cuts dividends for first time since World War II

Oil & Gas Journal: Royal Dutch Shell cut its dividend to shareholders Apr. 30 for the first time since World War II in response to the sharp drop in oil prices due to the coronavirus pandemic. First quarter dividend was cut 66% to $0.16/share from dividends of $0.47/share at the end of 2019.

“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,” said Shell CEO Ben van Beurden.

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