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Home / Business / Oil giant Shell raises dividends as third-quarter earnings beat expectations

Oil giant Shell raises dividends as third-quarter earnings beat expectations



Shell’s fuel trucks deliver fuel to a gas station operated by Royal Dutch Shell in Rotterdam, the Netherlands.

Jasper Juinen | Bloomberg | Getty Images

LONDON-Oil giant Royal Dutch Shell reported better-than-expected third-quarter earnings on Thursday and announced plans to increase dividends to shareholders.

The Anglo-Dutch company reported adjusted earnings of US$955 million Three months until the end of September. In comparison, net profit for the same period last year was US$4.77 billion, and adjusted income for the second quarter of 2020 was US$638 million.

Analysts at Refinitiv had previously expected a net profit of $594 million in the third quarter.

Shell said it will increase its dividend to shareholders by approximately 4% to 1

6.65 cents on the basis of the third quarter of 2020 and beyond.

This is six months after the oil giant reduced its dividend for the first time since World War II.

Ben van Burden, CEO of Royal Dutch Shell, said in a statement: “Our industry-leading cash flow will allow us to grow our future business while increasing shareholder distribution, which makes us attractive. Investment Case.”

“Our performance gives us the confidence to formulate a strategic direction, resume dividend growth, clarify the cash distribution framework and clear parameters to increase shareholder distribution.”

So far, Shell shares have fallen by more than 61%.


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