Shell clawed its way back into the black in the third quarter after taking a series of drastic measures designed to shore up its balance sheet, including historic cuts to the dividend and capital expenditure. In a bid to win back disaffected investors, the company today slightly increased the shareholder payout and promised to do so on a recurring basis until debt is reduced to a manageable level, after which greater distributions would flow. While headline figures improved in Q3’20 compared to the prior quarter, hydrocarbons production is at multi-year lows and the oil industry faces deep macroeconomic uncertainty in the midst of a rapidly accelerating Covid-19 second wave.
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