Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden made an unplanned intervention midway through his company’s earnings conference call in an attempt to lessen the damage from its warning it may fall short of a share buyback target. The move only invited confusion and the shares slid.
Shell positioned itself as the sector’s cash king over the past two years after major projects came on stream and commodity prices rebounded from the crash.
But with weaker economic growth threatening oil demand and crude supplies surging, Europe’s biggest oil company warned that it may not finish a $25 billion buyback program by the end of next year as planned.
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