Shell slows pace of its share buybacks as profit halves
Ron Bousso, Shadia Nasralla: JANUARY 30, 2020
LONDON (Reuters) – Royal Dutch Shell is cutting the pace of its vast $25 billion share buyback program after lower oil and natural gas prices halved its profit in the last three months of 2019, sending its shares to their lowest since July 2017.
While the Anglo-Dutch energy company warned again that a slowing global economy could affect its buyback program, which is the world’s largest, Chief Executive Ben van Beurden said Shell still intended to complete it.
Shell is set to buy about $1 billion of shares in the first quarter of 2020, which is down from $2.75 billion per quarter since July 2018 and means it will probably miss its target of completing the program by the end of 2020, analysts said.
Shell had already warned in October that the buyback program could be delayed beyond the target because slowing global growth due to the Sino-U.S. trade war had hit demand for oil, natural gas and chemicals. read more
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