It is the first of the 5 Oil Majors to cut its dividend because of the fallout from the coronavirus crisis. FMTNews Shell Dividend VirusImpact
LONDON: Royal Dutch Shell cut its dividend for the first time since World War II on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.
For years, Shell has taken pride in having never cut its dividend since the 1940s, resisting such a move even during the deep downturns in the oil market of the 1980s. Shell is the first of the five so-called Oil Majors to cut its dividend because of the fallout from the coronavirus crisis. BP and Exxon Mobil have said they will maintain their first-quarter dividends while Total and Chevron have yet to report first-quarter results.The dividend cut also comes after Shell this month laid out the oil and gas sector’s most extensive strategy yet to reduce greenhouse gas emissions to net zero by 2050.
Dividends paid by Shell and BP last year also represented 24% of the £75 billion in total paid out by companies in the FTSE 100 index of leading shares. Global energy demand could slump by 6% in 2020 due to coronavirus lockdowns and travel restrictions in what would be the largest contraction in absolute terms on record, the International Energy Agency said on Thursday.
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