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Shell reins in share buybacks after earnings fall 50%

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CEO Ben van Beurden says if global economic conditions continue, Shell’s cash flow could fall by more than $7bn in 2020

Royal Dutch Shell CEO Ben van Beurden. Picture: REUTERS/SERGEI KARPUKHIN

Shell is set to buy back about $1bn of its shares in the first quarter of 2020, down from $2.75bn a quarter since July 2018, which means it will probably miss its target of completing the programme by the end of 2020, analysts said. Shell had already warned in October that the buyback programme could miss its target because slowing global growth due to the China-US trade war had hit demand for oil, natural gas and chemicals.

While rising tensions in the Middle East and a phase-one trade deal between Washington and Beijing sent oil prices above $70 a barrel in early January, they dropped below $60 this week as the coronavirus exacerbated concerns about global growth.

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