Jillian Ambrose:
Royal Dutch Shell has triggered the start of a long-awaited £19bn ($25bn) share buyback scheme that will reward patient investors over the next two years.
The oil major will kick off the payday by distributing $2bn over the next three months for those shareholders who accepted shares rather than dividends during a downturn in the oil price two years ago.
As the crude market has recovered, Shell has prioritised paying down debt and selling off $30bn in assets over repurchasing the dividend scrips.
But boss Ben Van Beurden said the company’s progress in strengthening its balance sheet had given it confidence in taking this “important step” in maintaining Shell’s investment case. FULL ARTICLE
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