Shell raises dividend as retail boost drives confidence

📆 10/29/2020 7:45 AM
📰 Reuters

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Royal Dutch Shell on Thursday raised its dividend after easily beating quarterly profit forecasts and outlined plans to shrink its oil and gas operations as it presses forward with a transition to low-carbon energy.

FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman/File Photo

Shell is planning a major restructuring as part of “a complete overhaul” to reduce greenhouse gas emissions to net zero by 2050. But following its strong quartlerly results, Shell outlined a long-term plan to reduce debt to $65 billion and to aim for shareholder distributions of 20-30% of cash flow. Its debt at the end of September was $73.5 billion, down from $77.8 billion in the previous quarter.

Its adjusted earnings in the third quarter fell 80% to $955 million, but easily beat company-provided average analysts forecasts of a $146 million profit.“Very strong performance from Shell, handsomely beating our and consensus estimates,” Bernstein analyst Oswald Clint said in a note.

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Did not see that one coming? Interesting to see what I’ll find on their next earnings financials 🤔🤔🤔🤔🤔

TMobileTuesdays discounts probably helped. :D I never used Shell before those discounts popped up.

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