Shell CEO Doing All to Safeguard Dividends Amid Low Oil Prices
by Bloomberg: Rakteem Katakey: Tuesday, October 06, 2015
(Bloomberg) — Royal Dutch Shell Plc is “pulling out all the stops to safeguard” its dividend in a world where oil prices remain “lower for longer,” Chief Executive Officer Ben Van Beurden said.
Europe’s biggest oil company is also protecting its plan to buy back shares, Van Beurden said in e-mailed comments before a speech at an industry conference in London on Tuesday. Shell is also keeping its “investment program steady for the future,” he said.
The halving of oil prices in the past year has forced Shell and its peers to cut costs, defer projects and hunker down for a prolonged period of low oil prices. Even with oil trading for about $50 a barrel, Shell’s Van Beurden and BP Plc boss Bob Dudley have made dividends their top priority. Shell has weathered market ups and downs for seven decades — including oil at less than $10 in the 1980s and 1990s — without cutting dividends.
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