Shell raises its dividend as profits surge
Royal Dutch Shell’s (RDSa.L) profits leapt to $3.23 billion in the first three months of the year and the energy company raised its dividend as planned but warned on Thursday that the outlook remained uncertain due to the pandemic.
Shell’s adjusted earnings came in ahead of an average analyst forecast of $3.125 billion and were also above earnings of $2.9 billion last year, boosted by assets sales as well as higher oil and liquefied natural gas prices.
Shell said its fuel sales fell 13% in the first quarter due to further lockdown measures and the impact of the Texas storm in February, saying there was still “significant uncertainty” over the outlook for demand in the second quarter.
The Anglo-Dutch company raised its dividend in the first quarter by 4% as planned, the second increase since its slashed its payout by two-thirds at the start of last year due to the coronavirus pandemic. read more
Shell’s cash flow from operations, a key performance metric, rose to $8.3 billion from $6.3 billion, helping reduce its debt to $74.4 billion.
Shell wants to get its net debt below $65 billion as part of its strategy to shift to low-carbon energy in the coming decades.
Norway’s Equinor (EQNR.OL) also raised its dividend and posted a bigger-than-expected rise in first-quarter operating profits on Thursday, boosted by higher oil and gas prices as well as large one-off gains at its renewable energy business.
*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.
