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Shell raises dividend as earnings beat forecasts

Shell raises dividend as earnings beat forecasts

Royal Dutch Shell has raised its dividend after reporting stronger-than-expected third-quarter results.

The Anglo-Dutch oil group said it now had the “confidence” to resume dividend growth after cutting its payout in April for the first time since the Second World War in response to the crash in oil prices.

It announced a modest 4 per cent increase for the third quarter, committed itself to raising the payout by 4 per cent annually thereafter and promised additional returns to shareholders through buybacks once it had reduced its debt levels.

Shell’s profits for the third quarter were $177 million, down 97 per cent from $6.1 billion a year earlier, but much improved on the record $18.3 billion loss that it posted in the second quarter.

The result…

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