Diverse Income Share Discussion Threads

[aleman] 11/4/2017 09:23

TXH dividend increased from 7p to 8.5p for a 6.4% yield.

[jeffian] 10/4/2017 12:27

EJ,
Well I do my best to exercise what little common sense I have! The trouble is that one cannot anticipate out-of-the-blue tax changes. The principle that dividends, having incurred corporation taxes at source, were paid out with a tax credit seemed ingrained in the system and the Government's argument that lower corporate tax rates justified removing the credit was clearly specious. It was, purely and simply, a tax rise on those perceived to be able to afford it and was also driven by the Treasury's obsession about individuals who incorporate to receive their remuneration as dividends rather than pay. The arbitrary reduction in the 'tax free' allowance from £5k to £2k tells you where this is going. I will also bet you a pound to a penny that the Treasury has a hard look at tax-free ISA income when it realises how large the sums are that many ISA holders have accumulated, so don't get too comfortable with that!

Of course I do the things you say but for anyone with significant dividend income outside their ISA's, it is simply not possible to shift the underlying capital into an ISA, even at £20k/year per person.

Anyway, my point wasn't so much what to do about it, but whether the decisions that I and others make in this area will impact on the way that companies pay out earnings to shareholders. Maybe they won't pay out at all, and just accumulate cash as some US companies do. I can see the Law Of Unintended Consequences coming into play here - people and companies often don't react to tax changes the way Governments want or expect them to.

[maywillow] 10/4/2017 06:06

cheers EJ

MINES A DOUBLE

enjoy your week

[sarkasm] 30/3/2017 18:41

jeffian

yes it might be wise to rethink

especially if interest rates rise substantially

and scrip issues become the new norm

i know a lot of people in same situation as you

in the meantime enjoy

may all your dividends increase

[jeffian] 30/3/2017 17:27

As someone who is retired and living principally off the dividends on my portfolio, I wonder if the Government's changes to dividend taxation will have any impact on the way companies make payments to shareholders? I'm certainly carrying out a complete review and it may be that share ownership becomes less popular.

[sarkasm] 30/3/2017 13:21

As oil prices falter, fears return on BP and Shell dividends

Written by Bloomberg - 30/03/2017 10:58 am

Shell news
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As they guided Europe’s largest oil companies through the industry’s worst slump in two decades, the bosses of Royal Dutch Shell Plc and BP Plc had a simple message for investors: we’ll protect the dividend at all costs.

Not everyone is convinced they’ll be able to keep their word. Even after they raised billions of dollars by cutting costs, selling assets and adding debt, cash is pouring out of both companies in the form of hefty shareholder dividends. Yields on those payments — which fell through 2016 as crude started to recover — have risen this year, typically a signal that investors fear a cut in payouts.

“BP and Royal Dutch Shell have unsustainable dividends,” Neil Woodford, head of investment at Woodford Investment Management Ltd. who manages about $20 billion, wrote in a blog. “These companies are liquidating themselves rather than facing up to the need for a dividend cut. The only thing that can save them from that eventuality is a return to sustainably higher oil prices -– something that I think is very unlikely to happen.”

BP shelled out $4.6 billion in cash dividends last year, on top of $16 billion in capital spending, according to a presentation last month. It failed to generate enough cash from operations to match that outlay. Shell’s cash also fell short as project spending reached $22 billion and cash dividends $9.7 billion.
Related Articles

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While crude rebounded more than 50 percent in 2016, prices have since slid this year as U.S. production and inventories climb. Global benchmark Brent traded at $52.48 a barrel at 2:03 p.m. Singapore time. The price decline has weighed on the shares of Europe’s majors, with London-based BP down 9.5 percent this year and The Hague-based Shell losing 5.4 percent.

This week BP’s dividend yield — the annual return divided by the share price — rose to the highest this year. It’s now at 7.1 percent, compared with 6.2 percent at the end of 2016. Shell’s yield has risen to 6.5 percent from 5.9 percent.

Payout Priority

Dividends from Big Oil have been in the spotlight since crude’s 2014-2015 slump decimated cash and profits. Shell and BP have long deemed the payouts sacrosanct — Shell hasn’t cut its dividend since at least the Second World War — and have increased debt and sold assets to show investors that payments will be maintained. Yet some competitors have caved in.

Italian peer Eni SpA capitulated when its dividend yield was 7.2 percent, becoming the first major oil company to reduce its payout in 2015. Spain’s Repsol SA followed, cutting its final 2015 dividend when it was yielding 8.8 percent. The average yield for the U.K. benchmark FTSE 100 index is currently 3.83 percent.

Shell Chief Executive Officer Ben van Beurden said earlier this year that free cash flow “more than covered our cash dividend” in the last quarter and “there is no change in the dividend intention.” The company declined to comment beyond that statement this week.

BP also declined to comment. In February, CEO Bob Dudley said the dividend remains a top priority and BP is “sustaining and strengthening” the payout.

Investors Unconvinced

“The companies have spent a lot of time trying to convince shareholders about the dividend but not everyone believes them,” said Iain Armstrong, an analyst at Brewin Dolphin Ltd., which owns BP and Shell shares. “If and when oil goes to $60, people will really start to believe the dividend is safe.”

BP’s Dudley has spent most of his six-year tenure divesting assets, but BP went on a spending spree at the end of 2016 — taking in assets around Africa and the Middle East — which will result in a cash shortfall this year if oil stays below $60 a barrel.

Both BP and Shell have grappled with debts as they stick doggedly to their dividends. BP’s ratio of net debt to capital rose to 26.8 percent at the end of 2016 from 21.6 percent a year earlier. At Shell, additional borrowing for its $54 billion acquisition of BG Group Plc pushed the ratio to 28 percent at the end of 2016 — more than double the year-earlier level.

Total’s Confidence

Not all Europe’s oil majors are feeling the same pressure. French peer Total SA said Feb. 9 it should be able to fund operations and cash dividends at $50 a barrel this year — $5 lower than its previous estimate. It also plans to increase its dividend by 1.6 percent after reporting a 45 percent jump in fourth-quarter cash from operations. Total’s dividend yield is 5.3 percent.

While indicating increased risk, a high dividend yield can be an opportunity to lock in returns for investors confident that the companies will maintain payouts, Brewin Dolphin’s Armstrong said. For comparison, the return on U.K. benchmark 10-year bonds is 1.16 percent and on Germany’s, 0.35 percent.

During the market downturn, Shell, BP and Total have all made use of scrip dividends — offering investors payouts in shares — helping them to preserve cash as they battle to reduce debts. Yet scrip payouts dilute earnings per share and don’t necessarily rule out a dividend reduction if crude remains depressed.

“The oil majors are an unattractive investment proposition while the threat of a dividend cut hangs over them,” Woodford said.

[waldron] 27/3/2017 22:40

1st quarter 2017
Announcement date May 4, 2017
Ex-dividend date RDS A ADSs and RDS B ADSs May 17, 2017
Ex-dividend date RDS A and RDS B shares May 18, 2017
Record date May 19, 2017
Scrip reference share price announcement date May 25, 2017
Closing of scrip election and currency election (See Note) June 5, 2017
Pounds sterling and euro equivalents announcement date June 12, 2017
Payment date June 26, 2017

Note

Both a different scrip and currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies. A different scrip election date may apply to registered and non-registered ADS holders. Registered ADS holders can contact The Bank of New York Mellon for the election deadline that applies. Non-registered ADS holders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

The 2017 interim dividend timetable is also available on www.shell.com/dividend
2nd quarter 2017
Announcement date July 27, 2017
Ex-dividend date RDS A ADSs and RDS B ADSs August 9, 2017
Ex-dividend date RDS A and RDS B shares August 10, 2017
Record date August 11, 2017
Scrip reference share price announcement date August 17, 2017
Closing of scrip election and currency election (See Note) August 25, 2017
Pounds sterling and euro equivalents announcement date September 4, 2017
Payment date September 18, 2017

Note

Both a different scrip and currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies. A different scrip election date may apply to registered and non-registered ADS holders. Registered ADS holders can contact The Bank of New York Mellon for the election deadline that applies. Non-registered ADS holders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

The 2017 interim dividend timetable is also available on www.shell.com/dividend
3rd quarter 2017
Announcement date November 2, 2017
Ex-dividend date RDS A ADSs and RDS B ADSs November 15, 2017
Ex-dividend date RDS A and RDS B shares November 16, 2017
Record date November 17, 2017
Scrip reference share price announcement date November 23, 2017
Closing of scrip election and currency election (See Note) December 1, 2017
Pounds sterling and euro equivalents announcement date December 7, 2017
Payment date December 20, 2017


Note

Both a different scrip and currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies. A different scrip election date may apply to registered and non-registered ADS holders. Registered ADS holders can contact The Bank of New York Mellon for the election deadline that applies. Non-registered ADS holders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

The 2017 interim dividend timetable is also available on www.shell.com/dividend

[waldron] 23/3/2017 17:07

Publié le 23/03/2017 à 16h23

(Boursier.com) — Sous réserve des décisions du Conseil d'administration et de l'Assemblée générale, le calendrier de détachement des acomptes et du solde du dividende relatifs à l'exercice 2018 de Total serait le suivant...
- 25 septembre 2018
- 18 décembre 2018
- 19 mars 2019
- 11 juin 2019.
Ce calendrier indicatif concerne les dates de détachements relatifs aux actions cotées sur Euronext Paris.

Calendrier 2017

Le calendrier de détachement des acomptes et du solde du dividende pour l'exercice 2017 serait le suivant...
- 25 septembre 2017
- 19 décembre 2017
- 19 mars 2018
- 11 juin 2018.

[grupo guitarlumber] 17/3/2017 12:18

credit agricole

11 May
2017 first quarter results
24 May
Annual Shareholders’ Meeting


29 May
Ex-dividend date
31 May
Dividend payment date

[ariane] 10/3/2017 17:31

Royal Dutch Shell Q4 2016 Euro and GBP Equivalent Dividend Payments
10/03/2017 4:43pm
UK Regulatory (RNS & others)


TIDMRDSA TIDMRDSB

ROYAL DUTCH SHELL PLC FOURTH QUARTER 2016 EURO AND GBP EQUIVALENT DIVIDEND
PAYMENTS

The Hague, March 10, 2017 - The Board of Royal Dutch Shell plc ("RDS") today
announced the pounds sterling and euro equivalent dividend payments in respect
of the fourth quarter 2016 interim dividend, which was announced on February 2,
2017 at US$0.47 per A ordinary share ("A Share") and B ordinary share ("B
Share").

Dividends on A Shares will be paid, by default, in euro at the rate of EUR0.4420
per A Share. Holders of A Shares who have validly submitted pounds sterling
currency elections by March 3, 2017 will be entitled to a dividend of 38.64p
per A Share.

Dividends on B Shares will be paid, by default, in pounds sterling at the rate
of 38.64p per B Share. Holders of B Shares who have validly submitted euro
currency elections by March 3, 2017 will be entitled to a dividend of EUR0.4420
per B Share.

This dividend will be payable on March 27, 2017 to those members whose names
were on the Register of Members on February 17, 2017.

Taxation - cash dividend

Cash dividends on A Shares will be subject to the deduction of Dutch dividend
withholding tax at the rate of 15%, which may be reduced in certain
circumstances. Based on a policy statement issued by the Dutch Ministry of
Finance on April 29, 2016 (which has been formalised in law with effect from
January 2017), and depending on their particular circumstances, non-Dutch
resident shareholders may be entitled to a full or partial refund of Dutch
dividend withholding tax.

Furthermore, in April 2016, there were changes to the UK taxation of dividends.
The dividend tax credit has been abolished, and a new tax free dividend
allowance of GBP5,000 introduced. Dividend income in excess of the allowance will
be taxable at the following rates: 7.5% within the basic rate band; 32.5%
within the higher rate band; and 38.1% on dividend income taxable at the
additional rate.

If you are uncertain as to the tax treatment of any dividends you should
consult your own tax advisor.

Royal Dutch Shell plc

[the grumpy old men] 09/3/2017 18:53

Why clever Shell will remain dividend king
By Lee Wild | Thu, 9th March 2017 - 17:19
Share this
Why clever Shell will remain dividend king

Market commentators bang on about Royal Dutch Shell's (RDSB) dividend – "it's unsustainable," they cry, "it'll have to be cut." No it doesn't. The payout has not been cut since World War II and it ain't gonna happen on Ben van Beurden's watch. Trousering another $7.3 billion (£6 billion) from asset sales Thursday only underpins shareholder returns.

Shell has just agreed to sell all its oil sands interests in Canada to local giant Canadian Natural Resources for $8.5 billion - $5.4 billion in cash plus $3.1 billion of Canadian Natural shares.

That includes the sale of its 60% stake in the Athabasca oil sands project. However, the pair has also teamed up to buy Marathon Oil Canada Corp for $1.25 billion in cash each. For that they'll go halves on Marathon's 20% stake in Athabasca.

Both deals are tipped to complete during the middle of 2017.

"This announcement is a significant step in re-shaping Shell's portfolio in line with our long-term strategy," said chief executive van Beurden, who paid £35 billion for LNG specialist BG Group last year.

"We are strengthening Shell's world-class investment case by focusing on free cash flow and higher returns on capital, and prioritising businesses where we have global scale and a competitive advantage such as integrated gas and deep water.

"The proceeds will accelerate free cash flow and reduce gearing and make a meaningful contribution to Shell's $30 billion divestment programme [by 2018]."

chart1

This is the second piece of good news for Shell in recent days, having also announced that Saudi Aramco will hand over $2.2 billion including debt to take control of their Motiva Enterprises US refining partnership.

Clearly, the stabilisation of oil prices is a great help for Shell. Brent crude has bounced back from last year's $27 low and traded sideways since topping $58 a barrel two months ago.

As UBS analyst Jon Rigby said this week, achieving that $30 billion target will make Shell "a simpler and easy to manage group with prospective benefits".

"As the balance sheet de-levers the important restart of a full cash dividend becomes increasingly likely, as lower debt/secure credit metrics are a pre-condition."

True, fourth-quarter profits announced last month missed forecasts, mainly due to lower trading and refining margins and higher taxation. For the full-year they slumped by two-thirds.

But cashflow from operations of $9.17 billion was far better than anticipated and free cash flow more than covered Shell's cash dividend.

Obviously, the oil price is key for Shell, and it really needs around $60 for a degree of comfort, so the latest slide to $52 on strong supply data is unhelpful.

However, the company has shown it can sell assets in the current environment, and, as the dividend is paid in dollars, UK investors get a boost from sterling's rapid depreciation since last summer's Brexit vote.

If Shell does keep the dividend at $1.88 per share in 2017 – and it should – the sterling equivalent at current exchange rates is 155p. That gives a prospective yield of 7.1%. Even if things go wrong, the oil price plunges and Shell halves the payout, it would still not be a disaster for income seekers.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

[aleman] 28/2/2017 10:18

New numbers from Numis make MCLS at 177p look good for yield hunters:

2017 2018
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
27/02/17 BUY 24.90 17.30 10.30 31.30 22.00 11.00

[waldron] 02/2/2017 08:59

Shell's full year profit falls 8% but oil giant maintains dividend
Oil giant's fourth quarter profits misses expectations on $500m worth of impairment costs.

Dan Cancian
By Dan Cancian
February 2, 2017 08:24 GMT

shell garage
Shell maintained its total dividend for the full year.iStock

Oil giant Royal Dutch Shell's annual profit fell almost 10%, while its fourth quarter profit missed analysts' forecast, after the company booked $500m (£394.5m) worth of impairment costs related to a deferred tax reassessments.

In the final three months of its financial year, the FTSE 100-listed group reported a 14% year-on-year increase in profits adjusted for one-time items and inventory changes advanced to $1.8bn, falling short of the expected $2.8bn figure.
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Despite the lower-than-expected fourth quarter profit, however, the company maintained its total dividend for the full year unchanged at 1.88 cents per share.

Europe's largest oil company reported current cost of supply (CSS) earnings, its preferred way of measuring profit, of $3.53bn for the whole of 2016, 8% lower year-on-year, while excluding exceptional items, CCS earnings in 2016 fell 37% from the previous year to $7.18bn.

Production in the fourth quarter, however, rose 28% year-on-year to 3.91 million barrels of oil equivalent a day (bpd). On an annual basis, oil and gas production averaged 3.7 million bpd, rising 24% year-on-year, boosted by the performance of BG Group, which the Anglo-Dutch company purchased in February last year.

Excluding the newly-acquired company, however, production declined 2% from 2015, the group said.

Shell's upstream unit producing oil and gas reported a CCS loss of $2.70bn, compared with a $2.25bn loss last year, while the downstream unit saw earnings fall to $7.24bn from $9.74bn. Meanwhile, income attributable to shareholders more than doubled last year, jumping from $1.93bn to $4.57bn

Cashflow from operations beat analyst expectations, but declined to $20.61bn from $29.81bn.

Group chief executive Ben van Beurden said the company was in the process of reshaping its strategy, adding he remained confident over the group's outlook.

"Debt has been reduced and, for the second consecutive quarter, free cash flow more than covered our cash dividend," he said.

"Looking ahead, we will further focus the portfolio and strengthen the company's financial framework in 2017. Our strategy is starting to pay off and in 2017 we will be investing around $25bn in high quality, resilient projects. I'm confident 2017 will be another year of progress for Shell to become a world-class investment."

Earlier this week, Shell agreed to offload holdings in 10 North Sea oil fields in a deal worth up to £3.1bn.

The oil major said it will sell its interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Block, the Greater Armada cluster, Everest, Lomond, Schiehallion and Erskine transferring them to UK independent explorer Chrysaor.

The move is part of Shell steamlining its worldwide assets after it completed its £50bn purchase of BG last February. The deal greatly expands Shell's presence in the gas markets, lessening its reliance on oil production, which has seen prices fall by more than half over the last three years to around $55 per barrel for Brent Crude.

[waldron] 02/2/2017 07:41

Royal Dutch Shell Shell Fourth Quarter 2016 Interim Dividend
02/02/2017 7:06am
UK Regulatory (RNS & others)


TIDMRDSA TIDMRDSB

ROYAL DUTCH SHELL PLC FOURTH QUARTER 2016 INTERIM DIVID

The Board of Royal Dutch Shell plc ("RDS") today announced an interim dividend
in respect of the fourth quarter of 2016 of US$0.47 per A ordinary share ("A
Share") and B ordinary share ("B Share"), equal to the US dollar dividend for
the same quarter last year.

The Board expects that the first quarter 2017 interim dividend will be US$0.47,
equal to the US dollar dividend for the same quarter in the previous year. The
first quarter 2017 interim dividend is scheduled to be announced on May 4,
2017.

RDS provides eligible shareholders with a choice to receive dividends in cash
or in shares via a Scrip Dividend Programme ("the Programme"). For further
details please see below.

Details relating to the fourth quarter 2016 interim dividend

It is expected that cash dividends on the B Shares will be paid via the
Dividend Access Mechanism from UK-sourced income of the Shell Group.

Per ordinary share Q4 2016

RDS A Shares (US$) 0.47

RDS B Shares (US$) 0.47

Cash dividends on A Shares will be paid, by default, in euro, although holders
of A Shares will be able to elect to receive dividends in pounds sterling.

Cash dividends on B Shares will be paid, by default, in pounds sterling,
although holders of B Shares will be able to elect to receive dividends in
euro.

The pounds sterling and euro equivalent dividend payments will be announced on
March 10, 2017.

Per ADS Q4 2016

RDS A ADSs (US$) 0.94

RDS B ADSs (US$) 0.94

Cash dividends on American Depository Shares ("ADSs") will be paid, by default,
in US dollars.

ADS stands for an American Depositary Share. ADR stands for an American
Depositary Receipt. An ADR is a certificate that evidences ADSs. ADSs are
listed on the NYSE under the symbols RDS.A and RDS.B. Each ADS represents two
ordinary shares, two A Shares in the case of RDS.A or two B Shares in the case
of RDS.B. In many cases the terms ADR and ADS are used interchangeably.



Scrip Dividend Programme

RDS provides shareholders with a choice to receive dividends in cash or in
shares via the Programme.

Under the Programme shareholders can increase their shareholding in RDS by
choosing to receive new shares instead of cash dividends, if approved by the
Board. Only new A Shares will be issued under the Programme, including to
shareholders who currently hold B Shares.

In some countries, joining the Programme may currently offer a tax advantage
compared with receiving cash dividends. In particular, dividends paid out as
shares by the Company will not be subject to Dutch dividend withholding tax
(currently 15 per cent), unlike cash dividends paid on A shares, and they will
not generally be taxed on receipt by a UK shareholder or a Dutch shareholder.

Shareholders who elect to join the Programme will increase the number of shares
held in RDS without having to buy existing shares in the market, thereby
avoiding associated dealing costs.

Shareholders who do not join the Programme will continue to receive in cash any
dividends approved by the Board.

Shareholders who held only B Shares and joined the Programme are reminded they
will need to make a Scrip Dividend Election in respect of their new A Shares if
they wish to join the Programme in respect of such new shares. However, this
is only necessary if the shareholder has not previously made a Scrip Dividend
Election in respect of any new A Shares issued.

For further information on the Programme, including how to join if you are
eligible, please refer to the appropriate publication available on
www.shell.com/scrip.

Dividend timetable for the fourth quarter 2016 interim dividend

Announcement date February 2, 2017

Ex-dividend date RDS A and RDS B ADSs February 15, 2017

Ex-dividend date RDS A and RDS B shares February 16, 2017

Record date February 17, 2017

Scrip reference share price announcement February 23, 2017
date

Closing of scrip election and currency March 3, 2017
election (See Note)

Pounds sterling and euro equivalents March 10, 2017
announcement date

Payment date March 27, 2017



Note

Both a different scrip and currency election date may apply to shareholders
holding shares in a securities account with a bank or financial institution
ultimately holding through Euroclear Nederland. This may also apply to other
shareholders who do not hold their shares either directly on the Register of
Members or in the corporate sponsored nominee arrangement. Shareholders can
contact their broker, financial intermediary, bank or financial institution for
the election deadline that applies. A different scrip election date may apply
to registered and non-registered ADS holders. Registered ADS holders can
contact The Bank of New York Mellon for the election deadline that applies.
Non-registered ADS holders can contact their broker, financial intermediary,
bank or financial institution for the election deadline that applies.

Taxation - cash dividends

Cash dividends on A Shares will be subject to the deduction of Dutch dividend
withholding tax at the rate of 15%, which may be reduced in certain
circumstances. Based on a policy statement issued by the Dutch Ministry of
Finance on April 29, 2016 (which has been formalised in law with effect from
January 2017), and depending on their particular circumstances, non-Dutch
resident shareholders may be entitled to a full or partial refund of Dutch
dividend withholding tax.

Furthermore, in April 2016, there were changes to the UK taxation of dividends.
The dividend tax credit has been abolished, and a new tax free dividend
allowance of GBP5,000 introduced. Dividend income in excess of the allowance will
be taxable at the following rates: 7.5% within the basic rate band; 32.5%
within the higher rate band; and 38.1% on dividend income taxable at the
additional rate.

If you are uncertain as to the tax treatment of any dividends you should
consult your own tax advisor.

Royal Dutch Shell plc

The Hague, February 2, 2017

Contacts:

- Investor Relations: Europe + 31 (0) 70 377 4540; North America +1 832 337
2034

- Media: International [phone]; Americas [phone]

[ariane] 27/1/2017 10:15

Big Oil May Not Need To Borrow To Pay Dividends For The First Time In 5 Years
By Tsvetana Paraskova - Jan 26, 2017, 5:07 PM CST Offshore rig

The hefty cost cuts that the supermajors have made over the past two years, combined with relatively stable oil prices that are now over $50, could mean that Big Oil may not have to resort to borrowing in order to pay the sacred dividends for the first time in five years, Bloomberg reports, quoting analysts at brokerage Jefferies International.

The slashed costs – including sweeping job cuts – and the canceling and delaying of highly capital-intensive projects have helped the world’s five biggest oil companies to stop bleeding cash and return to generating cash flows.

“As a group they are at peak debt levels now,” Jason Gammel, a London-based analyst at Jefferies, told Bloomberg, referring to operating and capital efficiency at ExxonMobil, Chevron, Shell, Total SA, and BP.
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Since the oil prices started crashing in 2014, supermajors had amassed more and more debt. As of the middle of last year, Big Oil’s debts were rising, cash flows dropping, and capex diminishing, but dividends firmly held.

Now it looks like the tide is slowly turning, thanks to higher oil prices, leaner operations, and cost cuts.

Related: Robots Over Roughnecks: Next Drilling Boom Might Not Add Many Jobs

Jefferies has estimated that when oil prices were around US$100 per barrel in 2014, the Big Five had generated a combined US$180 billion in cash from operations. In 2016, the total cash from operations had plunged to US$83 billion. But higher oil prices are expected to help the now ‘leaner and meaner’ oil majors to generate US$142 billion from operations this year, and US$176 billion next year, according to Jefferies.

In the next two weeks, the Big Five will report fourth-quarter figures, and analyst estimates compiled by Bloomberg point to Exxon, Chevron and BP booking their first annual profit rises since 2014. More specifically, Chevron is projected to return to profit; Exxon is expected to book a 5.8-percent increase in income; Shell is seen reporting increased profit for a second quarter in a row; BP is likely to post higher adjusted earnings for the first time in nine successive quarters; and Total is seen posting a 4.3-percent increase in adjusted net income.

By Tsvetana Paraskova for Oilprice.com

[aleman] 23/1/2017 10:19

Anyone that can tolerate a bit of risk in the hunt for yield might want to look at SIV. Two brokers seem to have updated, after last week's notification of contract delays into Q4, that the 7.8p dividend will be held, which makes the yield about 10.7%. Tread warily.

[maywillow] 20/1/2017 03:08

Calendar


Financial events

February 09, 2017
2016 Results & Outlook Presentation (London, UK)
March 16, 2017
2016 Annual Reports
April 27, 2017
First Quarter 2017 Results
July 27, 2017
Second Quarter 2017 Results
September 25, 2017
Strategy & Outlook Presentation (London, UK)
October 27, 2017
Third Quarter 2017 Results

All Calendar
Close
Dividends for holders of Total shares traded on the Euronext Paris

March 20, 2017
Ex-dividend date for the 3rd 2016 interim dividend
June 05, 2017
Ex-dividend date for the remainder of the 2016 dividend
September 25, 2017
Ex-dividend date for the 1st 2017 interim dividend
December 19, 2017
Ex-dividend date for the 2nd 2017 interim dividend