Shell reins in share buybacks after earnings fall 50%

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shell powers progress through nation building | IOL Business ReportThrough Shell’s nation-building programmes they are empowering people from previously disadvantaged backgrounds, and are ...
Source: IOL - 🏆 46. / 51 Read more »

Shell powers progress through nation building | IOL Business ReportThrough Shell’s nation-building programmes they are empowering people from previously disadvantaged backgrounds, and are ...
Source: IOL - 🏆 46. / 51 Read more »