LONDON — Oil giant Royal Dutch Shell on Thursday reported better-than-expected third-quarter earnings and announced plans to increase its dividend to shareholders.
The Anglo-Dutch company reported adjusted earnings of $955 million for the three months through to the end of September. That compared with a net profit of $4.77 billion over the same period a year earlier, and adjusted earnings of $638 million for the second quarter of 2020.
Analysts at Refinitiv had expected third-quarter net profit to come in at $594 million for the third quarter.
Shell said it would raise its dividend to shareholders by around 4% to 16.65 U.S. cents for the third quarter of 2020 and on annual basis going forward.
It comes around six months after the oil major reduced its dividend for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis.
"Our sector-leading cash flows will enable us to grow our businesses of the future while increasing shareholder distributions, making us a compelling investment case," Ben van Beurden, CEO of Royal Dutch Shell, said in a statement.
"The strength of our performance gives us the confidence to lay out our strategic direction, resume dividend growth and to provide clarity on the cash allocation framework, with clear parameters to increase shareholder distributions."
Shares of Shell are down more than 61% year-to-date.
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October 29, 2020 at 02:16PM
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Oil major Shell increases dividend as third-quarter earnings beat forecasts - CNBC
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