April 30, 2020 / 6:12 AM / a month ago

Shell slashes dividend for first time since 1940s

LONDON, April 30 (Reuters) - Royal Dutch Shell cut its dividend for the first time in 80 years on Wednesday after a sharp drop in profit as global oil demand collapsed due to coronavirus.

“Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our resilience, underpin the strength of our balance sheet and support the long-term value creation of Shell,” Chief Executive Ben van Beurden said in a statement. (Reporting by Ron Bousso and Shadia Nasralla Editing by David Goodman )

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