Daily Management Review

Oil giant increases shareholder benefits in the midst of the crisis


Shell, a major oil company, decided to increase dividends as the company's profit in the third quarter exceeded expectations, CNBC reports.

The oil giant reported adjusted profits of $955 million in the third quarter. For the same period last year, it was $4.77 billion. However, compared to the second quarter, when Shell received $638 million, the figures improved.

Against this backdrop, the company decided to increase shareholder payments by four percent. This was six months after Shell reduced its dividend for the first time since World War II in the midst of the crisis and after a sharp drop in oil prices. The company's shares have fallen by more than 61 per cent since the beginning of the year.

Earlier it became known that Shell was going to fire its employees on a massive scale. A total of 10 per cent of employees, or about nine thousand people, will have been laid off before the end of 2022. This number includes 1.5 thousand people who have agreed to voluntary redundancies in 2020.

source: cnbc.com