Royal Dutch Shell is reining in its vast $25 billion share buyback programme aft...
LONDON - Royal Dutch Shell is reining in its vast $25 billion share buyback programme after lower oil and natural gas prices halved its profit in the last three months of 2019 and sent its shares to their lowest in nearly three years.
Van Beurden said Shell still planned to complete the programme but did not provide a new time frame. “All economic indicators are working against us,” he told reporters. “With $15 billion done to date it now looks extremely challenging to complete the programme by year end,” Redburn analysts said.A rise in Shell’s debt ratio, or gearing, to 29.3% in its fourth quarter from 27.9% in the previous quarter, added to the pressure on the oil company and van Beurden said it was likely to remain above its of 25% target this year.
Shell’s fourth-quarter headline profit fell 48% to $2.9 billion from $5.7 bln in the same period of 2018, its lowest in more than three years, as weaker oil and gas prices pushed the company to take a $1.65 billion charge on its U.S. gas fields.
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