Royal Dutch Shell warned on Thursday that uncertain economic conditions could sl...
LONDON - Royal Dutch Shell warned on Thursday that uncertain economic conditions could slow its $25 billion share buyback programme, the world’s largest, after its third-quarter profits easily beat expectations on strong oil and gas trading.
Yet slowing demand for oil and gas around the world amid trade tensions between the United States and China, the world’s two largest energy consumers, could take a toll, Shell said. He nevertheless said that “the prevailing weak macroeconomic conditions and challenging outlook inevitably create uncertainty about the pace of reducing gearing to 25% and completing the share buyback programme within the 2020 timeframe.”
Shell has acquired $12 billion worth of shares since July 2018 and announced on Thursday it had started the next tranche of buybacks of up to $2.75 billion by Jan. 27, 2020. “This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins,” van Beurden said.
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