Shell buybacks ‘sooner rather than later’
Royal Dutch Shell told investors yesterday that it could soon be ready to start share buybacks after higher oil prices boosted its profits.
The London-listed, Anglo-Dutch oil major reported a 58 per cent jump in first-quarter net earnings to $4.3 billion after the price of Brent crude rebounded to $61 a barrel, from $50 a barrel a year earlier.
Shell, which slashed its dividend by two thirds a year ago as oil prices crashed, confirmed plans to increase the quarterly payout to 17.35 cents per share, up 4 per cent on the fourth quarter. It has promised to further increase returns once net debt is reduced to $65 billion and said that it was making progress towards this milestone, with debt down by $4.1
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Posted in: Fossil Fuels, Oil, Oil Company Profits, Oil Prices, Royal Dutch Shell, Royal Dutch Shell Plc, Shell.
Tagged: Oil · Oil Prices · Royal Dutch Shell Plc · Shell