Shell’s juggling routine is getting trickier. The oil major beat net profit expectations but warned that economic clouds could slow its $25 bln share buyback. That’s unfortunate, because keeping all its balls in the air was already tough, says gfhay:
Royal Dutch Shell said on Oct. 31 that its third-quarter net profit after stripping out one-offs and the effect of price changes on inventory was $4.8 billion, down 15% from a year earlier but above a $3.9 billion forecast from a company-provided survey of analysts.
Ben van Beurden, Shell’s chief executive, said the company’s intention to buy back $25 billion worth of shares and reduce net debt remained unchanged, but the prevailing weak macroeconomic conditions and challenging outlook “inevitably” created uncertainty about the pace of reducing gearing to 25% and completing the share buyback programme within the 2020 timeframe.
France Dernières Nouvelles, France Actualités
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