Royal Dutch Shell Dividends - RDSB

Royal Dutch Shell Dividends - RDSB

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Stock Name Stock Symbol Market Stock Type
Royal Dutch Shell Plc RDSB London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
2.00 0.15% 1,341.40 16:35:23
Open Price Low Price High Price Close Price Previous Close
1,351.80 1,332.20 1,361.00 1,341.40 1,339.40
more quote information »
Industry Sector
OIL & GAS PRODUCERS

Royal Dutch Shell RDSB Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
29/04/20211USX17.3531/12/202031/12/202113/05/202114/05/202121/06/20210
04/02/2021FinalUSX16.6531/12/201931/12/202018/02/202119/02/202129/03/202165.3
29/10/20201USX16.6531/12/201931/12/202012/11/202013/11/202016/12/20200
30/07/20201USX1631/12/201931/12/202013/08/202014/08/202021/09/20200
30/04/20201USX1631/12/201931/12/202014/05/202015/05/202022/06/20200
30/01/2020FinalUSX4731/12/201831/12/201913/02/202014/02/202023/03/2020188
31/10/20191USX4731/12/201831/12/201914/11/201915/11/201918/12/20190
01/08/20191USX4731/12/201831/12/201915/08/201916/08/201923/09/20190
02/05/20191USX4731/12/201831/12/201916/05/201917/05/201924/06/20190
04/02/2019FinalUSX4731/12/201731/12/201814/02/201915/02/201925/03/2019188
01/11/20181USX4731/12/201731/12/201815/11/201816/11/201819/12/20180
26/07/20181USX4731/12/201731/12/201809/08/201810/08/201817/09/20180
26/04/20181USX4731/12/201731/12/201810/05/201811/05/201818/06/20180
01/02/2018FinalUSX4731/12/201631/12/201715/02/201816/02/201826/03/2018188
02/11/20171USX4731/12/201631/12/201716/11/201717/11/201720/12/20170
27/07/20171USX4731/12/201631/12/201710/08/201711/08/201718/09/20170
04/05/20171USX4731/12/201631/12/201718/05/201719/05/201726/06/20170
02/02/2017FinalUSX4731/12/201531/12/201616/02/201717/02/201727/03/2017188
01/11/20161USX4731/12/201531/12/201601/11/201611/11/201616/12/20160
28/07/20161USX4731/12/201531/12/201611/08/201612/08/201619/09/20160
04/05/20161USX4731/12/201531/12/201619/05/201620/05/201627/06/20160
04/02/2016FinalUSX4731/12/201431/12/201518/02/201619/02/201629/03/2016188
29/10/20151USX4731/12/201431/12/201512/11/201513/11/201518/12/20150
30/07/20151USX4731/12/201431/12/201513/08/201514/08/201521/09/20150
30/04/20151USX4731/12/201431/12/201514/05/201515/05/201522/06/20150
29/01/2015FinalUSX4731/12/201331/12/201412/02/201513/02/201520/03/2015188
30/10/20141USX4731/12/201331/12/201413/11/201414/11/201422/12/20140
31/07/20141USX4731/12/201331/12/201413/08/201415/08/201425/09/20140
30/04/20141USX4731/12/201331/12/201414/05/201416/05/201426/06/20140
30/01/2014FinalUSX4531/12/201231/12/201312/02/201414/02/201427/03/2014180
31/10/20131USX4531/12/201231/12/201313/11/201315/11/201323/12/20130
01/08/20131USX4531/12/201231/12/201314/08/201316/08/201326/09/20130
02/05/20131USX4531/12/201231/12/201315/05/201317/05/201327/06/20130
31/01/2013FinalUSX4331/12/201131/12/201213/02/201315/02/201328/03/2013172
01/11/20121USX4331/12/201131/12/201214/11/201216/11/201220/12/20120
26/07/20121USX4331/12/201131/12/201208/08/201210/08/201220/09/20120
26/04/20121USX4331/12/201131/12/201209/05/201211/05/201221/06/20120
02/02/2012FinalUSX4231/12/201031/12/201115/02/201217/02/201222/03/2012168
27/10/20111USX4231/12/201031/12/201102/11/201104/11/201116/12/20110
28/07/20111USX4231/12/201031/12/201103/08/201105/08/201119/09/20110
28/04/20111USX4231/12/201031/12/201111/05/201113/05/201127/06/20110
03/02/2011FinalUSX4231/12/200931/12/201009/02/201111/02/201125/03/2011168
28/10/20101USX4231/12/200931/12/201003/11/201005/11/201017/12/20100
29/07/20101USX4231/12/200931/12/201004/08/201006/08/201008/09/20100
28/04/20101USX4231/12/200931/12/201005/05/201007/05/201009/06/20100
04/02/2010FinalUSX4231/12/200831/12/200904/02/201006/02/201011/03/2010168
29/10/20091USX4231/12/200831/12/200904/11/200906/11/200909/12/20090
30/07/20091USX4231/12/200831/12/200905/08/200907/08/200909/09/20090
29/04/20091USX4231/12/200831/12/200906/05/200908/05/200910/06/20090
29/01/2009FinalUSX4031/12/200731/12/200804/02/200906/02/200911/03/2009160
30/10/20081USX4031/12/200731/12/200805/11/200807/11/200810/12/20080
31/07/20081USX4031/12/200731/12/200806/08/200808/08/200810/09/20080
28/04/20081USX4031/12/200731/12/200814/05/200816/05/200811/06/20080
31/01/2008FinalUSX3631/12/200631/12/200706/02/200808/02/200812/03/2008144
25/10/20071USX3631/12/200631/12/200731/10/200702/11/200712/12/20070
26/07/20071USX3631/12/200631/12/200701/08/200703/08/200712/09/20070
03/05/20071USX3631/12/200631/12/200709/05/200711/05/200713/06/20070
01/02/2007FinalUSX32.531/12/200531/12/200607/02/200709/02/200714/03/2007128.5
26/10/20061USX3231/12/200531/12/200601/11/200603/11/200613/12/20060
27/07/20061USX3231/12/200531/12/200602/08/200604/08/200613/09/20060
04/05/20061USX3231/12/200531/12/200610/05/200612/05/200614/06/20060
02/02/2006FinalUSX27.831/12/200431/12/200508/02/200610/02/200615/03/2006111.07
27/10/20051USX27.7831/12/200431/12/200502/11/200504/11/200515/12/20050
28/07/20051USX27.6931/12/200431/12/200503/08/200505/08/200515/09/20050
28/04/20051USX27.831/12/200431/12/200511/05/200513/05/200515/06/20050
03/02/2005FinalUSX10.731/12/200331/12/200409/02/200511/02/200515/03/200516.95
29/07/2004InterimUSX6.2530/12/200330/06/200411/08/200413/08/200415/09/20040
05/02/2004FinalUSX9.6531/12/200231/12/200331/03/200402/04/200406/05/200415.75
24/07/2003InterimUSX6.130/12/200230/06/200313/08/200315/08/200317/09/20030
06/02/2003FinalUSX9.331/12/200131/12/200202/04/200304/04/200306/05/200315.25
01/08/2002InterimUSX5.9530/12/200130/06/200214/08/200216/08/200218/09/20020
07/02/2002FinalUSX8.9531/12/200031/12/200117/04/200219/04/200222/05/200214.8
02/08/2001InterimUSX5.8530/12/200030/06/200115/08/200117/08/200119/09/20010
08/02/2001FinalUSX8.931/12/199931/12/200018/04/200120/04/200123/05/200114.6
03/08/2000InterimUSX5.730/12/199930/06/200014/08/200018/08/200020/09/20000
10/02/2000FinalUSX8.531/12/199831/12/199910/04/200014/04/200016/05/200014
05/08/1999InterimUSX5.530/12/199830/06/199927/09/199901/10/199901/11/19990
11/02/1999FinalUSX8.231/12/199731/12/199819/04/199923/04/199914/05/199913.5
10/09/1998InterimUSX5.330/12/199730/06/199828/09/199802/10/199802/11/19980
12/02/1998FinalUSX831/12/199631/12/199720/04/199824/04/199815/05/199813.1

Top Dividend Posts

DateSubject
10/6/2021
15:22
adrian j boris: masterinvestor Can the Shell and BP share prices recover after underperforming the FTSE 100? By Robert Stephens, CFA 10 June 2021 2 mins. to read Robert Stephens, CFA, discusses the outlook for the UK’s two oil majors after a disappointing year. The performances of BP (LON: BP) and Shell (LON: RDSB) have been hugely disappointing over the past year. While the FTSE 100 index has surged by around 10%, the share prices of the two oil and gas majors are down by 12% apiece. A key reason for their underperformance of the index could be concerns about their reliance on fossil fuels. Covid-19 appears to have accelerated the trend towards cleaner forms of energy, as well as increasing the popularity of ESG investing. Oil and gas prospects However, the prospects for the oil and gas industry may be more positive than the share price performances of Shell and BP would suggest. Certainly, demand for oil and gas will decline over the coming decades, as major economies, including the UK, target net-zero emission targets. However, in the short run, the outlook for oil and gas could be encouraging for two reasons. First, the global economy is widely forecast to deliver strong growth in 2021 and 2022. According to the IMF, it is expected to grow by 6% this year and 4.4% next year. Historically, oil prices have been positively impacted by buoyant economic performance. The asset may even become more popular among investors who are searching for an inflation hedge should economic growth cause a rapid rise in the price level. Second, the adoption of cleaner forms of energy is likely to be an evolutionary process, rather than a revolution. There is no guarantee that current targets, which are ambitious in many cases, will ultimately be met. Indeed, the International Energy Agency (IEA) forecasts that demand for oil will be 4.4% higher in 2026 than it was prior to the pandemic. Alongside this, the shift within the energy sector from fossil fuel to low-carbon assets may mean that the supply of oil is somewhat limited. This could have a positive impact on its price. Attractive valuations Shell and BP have ambitious strategies to pivot towards low-carbon assets over the long run. In reality, the cost, returns and ultimate success of those plans is likely to remain a known unknown for a prolonged period. They could provide investors with high and sustainable returns over coming decades. Or they may leave both companies crippled with high levels of debt and asset bases that offer lower returns than have been previously available via fossil fuel assets. In this latter scenario, the ability of the two companies to deliver dividends or share price growth could be severely limited. However, the valuations of the two stocks suggest that investors are factoring in a period of financial difficulty and risk as they embark on their strategy shift. Shell has a price-to-book ratio of 0.9 and a dividend yield of 3.5%, while BP trades at just a 20% premium to net asset value and offers a dividend yield of 4.8%. These figures suggest that the two stocks offer wide margins of safety that may not reflect their potential to deliver improved financial performance should the oil price rise in the likely global economic recovery. They may also price in a failure to pivot towards low-carbon assets that does not materialise. As such, they could offer good value for money on a risk/reward basis relative to other FTSE 100 stocks in the current bull market.
07/6/2021
10:27
jrphoenixw2: Royal Dutch Shell plc first quarter 2021 Euro and GBP equivalent dividend payments Jun 7, 2021 The Board of Royal Dutch Shell plc (“RDS”) today announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2021 interim dividend, which was announced on April 29, 2021 at US$0.1735 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends on A Shares will be paid, by default, in euros at the rate of €0.1426 per A Share. Holders of A Shares who have validly submitted US dollars or pounds sterling currency elections by May 28, 2021 will be entitled to a dividend of US$0.1735 or 12.26p per A Share, respectively. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 12.26p per B Share. Holders of B Shares who have validly submitted US dollars or euros currency elections by May 28, 2021 will be entitled to a dividend of US$0.1735 or €0.1426 per B Share, respectively. Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from 2 June to 4 June 2021. This dividend will be payable on June 21, 2021 to those members whose names were on the Register of Members on May 14, 2021. hTtps://www.shell.com/media/news-and-media-releases/2021/royal-dutch-shell-plc-first-quarter-2021-euro-and-gbp-equivalent-dividend-payments.html
07/6/2021
07:50
florenceorbis: 07/06/2021 7:00am UK Regulatory (RNS & others) TIDMRDSA TIDMRDSB The Hague, June 7, 2021 - The Board of Royal Dutch Shell plc ("RDS") today announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2021 interim dividend, which was announced on April 29, 2021 at US$0.1735 per A ordinary share ("A Share") and B ordinary share ("B Share"). Dividends on A Shares will be paid, by default, in euros at the rate of EUR0.1426 per A Share. Holders of A Shares who have validly submitted US dollars or pounds sterling currency elections by May 28, 2021 will be entitled to a dividend of US$0.1735 or 12.26p per A Share, respectively. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 12.26p per B Share. Holders of B Shares who have validly submitted US dollars or euros currency elections by May 28, 2021 will be entitled to a dividend of US$0.1735 or EUR0.1426 per B Share, respectively. Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from 2 June to 4 June 2021. This dividend will be payable on June 21, 2021 to those members whose names were on the Register of Members on May 14, 2021. 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. Non-Dutch resident shareholders, depending on their particular circumstances, may be entitled to a full or partial refund of Dutch dividend withholding tax. If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor. Note A different 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.
04/6/2021
18:22
the grumpy old men: Is Royal Dutch Shell Stock a Buy? Shell had a solid plan for the future. Or at least it did until things got a little more complicated. What should investors do now? Reuben Gregg Brewer (TMFReubenGBrewer) Jun 4, 2021 at 11:25AM Author Bio Royal Dutch Shell (NYSE:RDS.B) is one of the largest integrated energy companies on Earth. That has put it in the crosshairs of environmentalists looking to take on global warming. The company has started to do something about this issue, but it may not be enough to satisfy detractors. That could make life much more difficult for Shell and its shareholders. The big change Shell made the very difficult decision in 2020 to cut its dividend by a huge 65%. There were two reasons why the giant energy company took this step. First, drilling for oil requires a lot of capital investment, and at the time weak oil prices were making it difficult to fund spending needs. Second, the company announced plans to alter the makeup of its business, shifting toward growth in cleaner energy businesses and reducing its emphasis on oil. A smiling person in front of wind turbines. Image source: Getty Images. That second announcement was notable, as it meant that Shell had heard what investors, governments, and environmentalists were saying about reducing carbon and it was taking action. Some of its peers, notably Chevron and ExxonMobil were, and for the most part still are, dragging their feet on this front. Shell's goal is to get to net zero carbon by 2050, with interim goals of a 20% reduction by 2030 and a 45% reduction by 2035. There are a lot of moving parts to this plan, but it entails reducing oil production, increasing natural gas exposure, and ramping up investment in renewable energy. Shell is not new to the clean energy space either, so it has some expertise to build off of. The goals seem reasonable, but there's one key thing investors have to remember -- the oil business, though shrinking, is helping to fund the transition to a cleaner future. A wrench in the gears Everything seemed lined up for Shell. It had even gotten back to increasing its dividend, now having raised it twice since the cut. That was meant as a sign to investors that the company was financially strong and could be trusted to address clean energy concerns and maintain a growing dividend over time. Based on shareholder proxy voting, investors appeared pleased with the direction the company was heading. Then Shell lost a court case in Europe around its environmental impact. TOT Dividend Per Share (Quarterly) Chart TOT Dividend Per Share (Quarterly) data by YCharts The big takeaway from the case is that Shell was told to increase the pace of its clean energy transition. The court mandated target for carbon emission reduction was 45% by 2030. That pushes forward the 2035 goal by five years, but means more than doubling the carbon reduction originally planned for 2030. This is a massive change. The company responded by outlining the steps it has taken so far and plans to take in the future. And by saying it will appeal the decision. That is the logical step for Shell, but investors need to consider what happens if it loses this fight. Most notably, it will likely have to divest more oil assets to meet the court's mandate. That means less revenue to support the shift toward clean energy. In turn, this will probably lead to increased use of the balance sheet to fund the transition. That is not an ideal solution. What to do about it? At this point, nothing is likely to happen in the near term. However, investors looking for a long-term energy investment might want to step back here and rethink how they go about putting their money to work. This isn't to suggest that Shell is a bad company, only that the court loss raises the risks for this energy company in an unpredictable way. The best alternative right now is likely Total (NYSE:TOT), which is going down a similar clean energy path, has maintained its dividend, and has shareholder support for its transition. Alternatively there is BP, but the company's 2020 dividend cut and high leverage compared to peers are issues that some may, justifiably, find concerning. That said, be prepared, if Shell does end up losing this fight, it is likely that other energy names will find themselves facing similar problems down the line. Should you invest $1,000 in Royal Dutch Shell plc right now? Before you consider Royal Dutch Shell plc, you'll want to hear this. Our award-winning analyst team just revealed what they believe are the 10 best stocks for investors to buy right now... and Royal Dutch Shell plc wasn't one of them. The online investing service they've run for nearly two decades, Motley Fool Stock Advisor, has beaten the stock market by over 4X.* And right now, they think there are 10 stocks that are better buys. See the 10 stocks *Stock Advisor returns as of May 11, 2021 This article represents the opinion of the writer, who may disagree with the “official̶1; recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Reuben Gregg Brewer owns shares of Total SA. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
21/4/2021
16:06
waldron: interactive investor Services Pensions Research News Join Us Shell and BP shares: what the City really thinks by Graeme Evans from interactive investor | 21st April 2021 15:22 Share on: With oil majors still in recovery mode, these experts just updated their expectations. Shell oil GettyImages It's been almost a year since pandemic-hit Royal Dutch Shell (LSE:RDSB) dealt a severe blow to income investors and pension funds by cutting its dividend for the first time since the war. Last April's 66% reduction took the first-quarter payment down to 16 cents per share, although by late October the oil giant's prodigious ability to generate cash had already resulted in the resumption of its progressive dividend policy. Now, a City bank has made Royal Dutch Shell its top pick in the European oil sector by modelling a 2022 restart to share buybacks that implies a total shareholder yield of 10.7%. Stocks that made you a fortune in the 2020-21 tax year ISA early bird investors almost twice as likely to be ISA millionaires Open an ISA with interactive investor. Simply click here to find out how. Deutsche Bank's upbeat assessment also forecasts 37% upside for Shell's shares, whereas its research analyst James Hubbard sees higher risk and much less momentum at BP (LSE:BP.). He said in a note published today: “When Shell cut its dividend in 2020 it was a shock for many, but the silver lining is that it saves Shell about $10 billion per annum. “This contributes to our forecast for its net debt to swiftly fall to under management's target of $65 billion before the end of 2021 and sets up 2022 to potentially see the restart of a material share buyback.” Royal Dutch Shell B shares, which for tax reasons are more commonly traded in London than the A version, were today 6.2p higher at 1,297p. This compares with a pandemic low of 866p in late October and more than 1,500p seen last month. More positives for Shell Hubbard believes there are other positives beyond the buyback catalyst, including the scale of the energy giant's LNG business (liquified Natural Gas) which ranks second and first respectively in terms of liquefaction capacity and in volumes sold. Natural gas emits between 45% and 55% fewer greenhouse gas emissions and less than one-tenth of the air pollutants than coal when used to generate electricity. Using Deutsche Bank's oil carbon scorecard, Shell's decarbonisation strategy places the company fourth out of eight European-listed names and two spots ahead of BP. Shell's A shares currently trade on a forecast multiple of 8.5 times 2021 earnings, which Deutsche notes is a 35% discount versus the EU oil sector's five-year average. The dividend yield of 3.6% is less impressive versus a sector average of 5.4%, but this jumps to the top of the pile on the assumption that buybacks will restart in earnest next year. The bank's new 1,937p target for Shell A is based on Brent oil averaging $65.4 a barrel over the next two years and implies a price/earnings multiple of 11.5 times, which is still an 11% discount to the sector's five-year average. ii view: Shell confirms big hit from Texas winter storms Your vote counts: get heard at Lloyds Bank, NatWest and BP AGMs ITM Power: a star of the green investor revolution On BP, Deutsche has a price target of 313p and ‘hold’ recommendation. The bank said this partly reflected risks attached to ambitious decarbonisation plans outlined in September. Today's note warns: “Aggressive renewables investments come with risks of potential value destruction via paying what may turn out to be 'full' prices for potentially relatively late entry to some projects.” BP shares were today 1.85p higher at 293.6p.
08/4/2021
11:40
spud: Shares for this oil major fell over 40% in 2020 but are up by more than 5% in 2021. Buy, sell or hold? First-quarter guidance and update ii round-up: Oil giant Royal Dutch Shell B RDSB today flagged a hit of up to $200 million on its adjusted first-quarter earnings given the impact of extreme winter weather conditions on its US Texas operations. Sales volumes under the ongoing pandemic are expected to be between 3.7 and 4.7 million barrels per day, less than the 4.78 billion sold during the prior fourth quarter. Shell shares rose by more than 1% during UK trading, leaving them up by over 40% since late October and just prior to the announcement of vaccine development success. Shares for rival BP are up by more than 50% over the same time. Adjusted earnings for Shell’s upstream exploration business are expected to prove positive during the quarter given the recent upturn in energy commodity prices. The oil price is up by around a fifth year-to-date. Trading and optimisation results for its integrated gas division are expected to be significantly below average. Total production of between 920 and 960 thousand barrels of oil equivalent per day compares to the 942 thousand barrels achieved in the fourth quarter. Shell reported a loss of $21.7 billion for the full-year 2020, hit by a supply dispute between Saudi Arabia and Russia and significantly reduced energy demand under pandemic lockdowns. In the autumn, management announced up to 9,000 job losses as it looked to transform towards becoming a low-carbon energy producer. A move accelerated by the global pandemic. Earlier in 2020 it also cut the dividend for the first time in decades. First quarter 2021 results are scheduled for the 29 April. ii view: Profit margins are lower in the power and renewable energy sectors, areas Shell is now looking to focus on as it pushes towards low-carbon fuels. As such, reducing organisational complexity and providing a more efficient and lower cost base is now vital as its looks to compete with both existing players such as SSE SSE 1.03% and other oil majors like BP moving in a similar direction. Previous business disposals have inevitably had an impact on production numbers and therefore income. Today’s latest update is also a reminder that the weather can also play its part. For investors, debt of over $70 billion as of its last full-year results underlines the need for more cost cuts and potential further disposals to help balance the books. Previous write-downs in business asset values and the 2020 cut to the dividend payment were also not good news, if arguably required for Shell to reset its strategy. But formed in 1907, Shell’s long track record of dealing with volatile energy demand and prices is not to be ignored. And, despite its first dividend cut since the Second World War, an estimated dividend yield of over 3.5% is still attractive in today’s ultra-low interest rate environment. In all, and with analysts currently estimating a fair value share price of around £17.44, Shell’s position as a core portfolio constituent still looks deserved. Positives: Rebased but sustainable dividend payment Previous purchase of BG Group improved both its product diversity & climate change credentials Negatives: The weather can raise operational challenges Competition in its new focused arena is increasing The average rating of stock market analysts: Strong buy spud
15/3/2021
10:35
ariane: ROYAL DUTCH SHELL PLC FOURTH QUARTER 2020 EURO AND GBP EQUIVALENT DIVIDEND PAYMENTS Email Print Friendly Share March 15, 2021 03:00 ET | Source: Shell International B.V. The Hague, March 15, 2021 - The Board of Royal Dutch Shell plc (“RDS”) today announced the pounds sterling and euro equivalent dividend payments in respect of the fourth quarter 2020 interim dividend, which was announced on February 4, 2021 at US$0.1665 per A ordinary share (“A Share”) and B ordinary share (“B Share”). Dividends on A Shares will be paid, by default, in euros at the rate of €0.1396 per A Share. Holders of A Shares who have validly submitted US dollars or pounds sterling currency elections by March 5, 2021 will be entitled to a dividend of US$0.1665 or 11.96p per A Share, respectively. Dividends on B Shares will be paid, by default, in pounds sterling at the rate of 11.96p per B Share. Holders of B Shares who have validly submitted US dollars or euros currency elections by March 5, 2021 will be entitled to a dividend of US$0.1665 or €0.1396 per B Share, respectively. Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from 10 March to 12 March 2021. This dividend will be payable on March 29, 2021 to those members whose names were on the Register of Members on February 19, 2021. 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. Non-Dutch resident shareholders, depending on their particular circumstances, may be entitled to a full or partial refund of Dutch dividend withholding tax. If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor. Note A different 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. Royal Dutch Shell plc GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
06/3/2021
10:50
poikka: On the 4th February, a summary was posted here, and this was part of that summary: "Shell’s dividend yield over the last 10 years had bounced around the 6% level as it was always assumed the dividend was unstainable. After the reset a much lower more sustainable dividend yield would be more like 3.5% or 3.6%. Taking 3.6% to be conservative, and a forecast full year 2022 dividend of $1.39 per share for the “A” class ADRs would give us a stock price of about $39, or about 6% higher than where it is at the time of this writing. While this isn’t massive upside, the dividend yield of 3.6% and dividend growth of 4-5% per year offers us good stability. All this assumes conservative oil price forecasts and gives Shell ample room to de-lever and increase share buybacks or accelerate dividend growth, which should further put a bid on the stock price." Well we've reached that point with this year's divi looking to be c69.4, giving a yield of 3.3%. Purely looking at the yield, just how much share price growth is left? Not much at all. But then the future's looking rosier than it did on 4th February, just one month ago, with OPEC showing signs that it really doesn't want to return to arctic prices of last year. Remember, too, that the 4th qtr results were achieved on oil at $44/bbl.
04/2/2021
22:33
sarkasm: Don't Sell Shell Feb. 04, 2021 5:24 PM ETRoyal Dutch Shell plc (RDS.A), RDS.BRYDAFRYDBF1 Comment2 Likes Summary Shell's dreadful stock price action in 2020 is coming to an end. All the bad news has been priced in and the stock offers good value now. Oil fundamentals look supportive but even with flat oil prices, Shell's financials look to be getting stronger, providing strong dividend cover. The Strategy Day on 11th February could offer a catalyst for investors to reconsider Shell as a serious Energy Transition investment option. The December 21st trading update from Royal Dutch Shell (RDS.A) largely foresaw the torrid Q4 results and 2020 full year results just released. In a nutshell, 2020 was an exceptionally challenging year for the oil major. What should Shell shareholders do? While the company is trying to reposition itself for the new energy landscape ahead, the headlines have been consistently bad for the Anglo-Dutch company. Profit warnings, write-downs, collapsing prices for oil, collapsing refinery margins, the first cut in dividends for decades, a falling share price, and finally the departure of several clean energy executives amid internal arguments over its clean energy strategy have all contributed to the bear market in Shell's stock in the last year. The 36% fall in the stock price over the last year sounds bad, but there is a fundamental truth in oil markets and that is that the cure for low oil prices is low oil prices. That’s why the weakness in the sector, the cutbacks in production and investment will cause higher oil prices going forward, as I have already pitched in a recent Seeking Alpha article on crude oil, that so far is playing out nicely. The pessimism about Shell, coupled with some positive signs on the horizon and my bullish outlook on oil in fact make Shell a very good contrarian play. The fact that December’s profit warning did not do much damage to the share price suggests that all the bad news is already priced in and indeed the stock has started to rise over the last couple of months. The Global Investor thinks this recent price action isn’t a dead cat bounce, but the start of a rally back to a fairer, higher price for Shell's stock. Oil majors have traditionally been core income stocks for many portfolios but after the first dividend cuts in decades last year, when the dividend was cut 66% it has since been raised slightly in October and now been raised again slightly some more. This gives the stock a current dividend yield of about 3.6%. What’s more, Shell is still slashing costs and capital expenditure, like the rest of the oil and gas industry, and US shale output is falling thanks to weak pricing. This suggests low prices will squeeze out uneconomic supply and help oil prices continue their recovery. And with the rollout of vaccination programs, some oil demand lost in 2020 should come back in 2021, further tightening the supply-demand balance towards higher oil prices. Another contrarian indicator is that the oil and gas industry is now hated by institutional investors, either for financial reasons or for environmental, social and governance - ESG - reasons and this has simply gone too far. The weighting of the Oil & Gas sector in the main stock market indexes is at lows last seen in the 1990s when oil prices ranged from $10-$20 per barrel. Risks This brings us to the risks of owning Shell right now. ESG is a new force in the markets, so some investors simply won’t look at Shell for a long time. Long-term oil demand has probably peaked and the switch to renewable sources of energy will be bumpy as the company is finding in its transition efforts to date. Shell also has the risk that it gets stuck with “stranded assets” with its large reserves of oil and gas. This means Shell’s book value is bound to be higher than its market value as investors price in further write-downs to its asset values. Shell has traditionally been a very reliable dividend payer, but the energy transition makes it almost impossible to balance the needs of high dividend payouts with the large investments required in greener energies. While the dividend has been cut deeply to a lower level, investors cannot assume it will rise back to its previous level quickly as the volatility in energy markets and the restructuring needs of Shell will probably dictate otherwise. Indeed, Shell's management has called it a dividend "reset". The future It is expected that Shell will outline a radical new strategy at its investor day scheduled for February 11th. The new strategy, likely to focus on clean energy, and to more closely follow BP’s radical restructuring plans that started last year, could appeal to investors who are looking more at the rate of change in ESG factors than in the absolute level of how good a company is on current ESG measures, specifically with respect to climate change and carbon emissions. Strategy Day on February 11th Ultimately, The Global Investor expects Shell to try to strike a balance between driving meaningful change towards 'Net Zero' emissions but also to maximize value from existing businesses over the intermediate period. The following are some of the topics I expect Shell to cover in the forthcoming Strategy Day which I expect to help turn market sentiment back towards Shell’s favor. Net zero by 2050 or earlier – Shell already outlined this target back in April last year but didn’t give much detail and so wasn’t seen as that credible. Shell will probably present its business plan in more detail to get to these targets. Upstream oil & gas to underpin cash generation. Having made the mega acquisition of gas major BG Group back in 2016, Shell is more committed to oil & gas than BP who have outlined plans to cut production by 40% over the next decade. Given Shell's project pipeline, its portfolio still has some growth potential but during last year’s Q3 results CEO Ben van Beurden said "It’s probably fair to say that 2019 was the high point in terms of oil production". So Shell is probably keen to keep a relatively flat production profile as it looks to sell non-core positions as it uses its Upstream division to act as a key contributor to cash generation over the next decade, through both operations as well as disposals. While this might disappoint ESG investors who argue for more aggressive action, it will keep dividend investors happy as this strategy reduces risks to free cash flow generation. Strength in natural gas, the bridge fuel. Shell is the world’s largest player in LNG so it’s likely Shell will highlight the role of natural gas as the “transition fuel” helping reduce carbon emissions because of its cleaner properties compared to coal and its vital role in electricity generation. The term "bridge" comes about because natural gas can support renewables over the period where wind and solar still suffer from intermittency issues. In 2019 Shell said it expected the LNG market to grow at 4% per year over the next few years. Last year management said Shell’s LNG business will not necessarily match the market "percent for percent" which might mean lower capex needs in this division. LNG will remain a key cash generator over the next decade so expect updates on Shell’s LNG outlook on 11th February. Growth opportunities in hydrogen and biofuels. For renewables, Shell will likely emphasize both hydrogen and biofuels given hydrogen is a natural fit as it is already produced and consumed in Shell’s refining business. Shell already has about 50 hydrogen fueling stations mostly in Germany and California. In biofuels, Shell is one of the largest blenders and distributors globally, partly due to its 50:50 joint venture with Raizen in Brazil. Shell will likely highlight its expansion in wind and solar, businesses which are getting extremely competitive now. Shell will look to leverage its strong Marketing and Trading positions to sell more electricity to the customers who currently buy fossil fuels from their large global customer networks. New Energies to account for about 25% of capital expenditure over the next few years. At last year’s 3Q earnings announcement, Shell guided that capex would remain in the $19-22 billion range over the coming years. It gave high level guidance on the breakdown between segments: 35-40% for Upstream, 35-40% for “Transition business”, which includes Integrated Gas, Chemicals and Refining, and about 25% to growth businesses such as Marketing, Power, Hydrogen, Biofuels and carbon capture, utilization and storage with nature-based solutions. The Global Investor expects Shell to update this breakdown and give more detail. Overall, hydrocarbons will remain part of Shell’s core strategy over the next decade. This gives it less execution risk on restructuring compared to its great rival BP, but makes it more exposed to oil and gas commodity prices. While ESG investors do play a role at the margin, and maybe a larger role in Europe, The Global Investor still believes the stock market is overall, at least in the long term, amoral. Short term trends matter and ESG has driven investors away from oil & gas but it could also be argued that that’s mostly happened because of weaker financial returns in the sector. If Shell can raise its profits through higher oil prices, Shell can raise its dividends and investors will put a higher valuation on the stock because of higher dividends. Dividends So, it comes back to dividends ultimately. That has always been the driver of Shell’s share price. Assuming oil prices at about $50/bbl over the next few years – more conservative than my actual view – I think Shell will generate $13-14 billion in free cash flow each year. At current dividend levels this implies dividend cover of about 2.5x, a very high number for Shell historically. This means Shell's balance sheet will start to de-leverage quickly. Management has indicated that when net debt falls to about $65 billion it will re-start its share buyback program. This could happen around the middle of next year if oil prices hold. Currently, Shell is guiding for 4% dividend growth per year, but there is big upside potential to this number. Before the dividend reset last year, Shell’s dividend had become unstainable given the investment needed in the energy transition. Valuation Shell’s dividend yield over the last 10 years had bounced around the 6% level as it was always assumed the dividend was unstainable. After the reset a much lower more sustainable dividend yield would be more like 3.5% or 3.6%. Taking 3.6% to be conservative, and a forecast full year 2022 dividend of $1.39 per share for the “A” class ADRs would give us a stock price of about $39, or about 6% higher than where it is at the time of this writing. While this isn’t massive upside, the dividend yield of 3.6% and dividend growth of 4-5% per year offers us good stability. All this assumes conservative oil price forecasts and gives Shell ample room to de-lever and increase share buybacks or accelerate dividend growth, which should further put a bid on the stock price. Conclusion Value investors and income seekers should continue to own Shell. Shell is very likely to always be a “Supermajor221; but with its focus shifting gradually towards energy in general and away from its historical reliance on oil but gas will play a major role for a long period. Energy is a core need in society so Shell is likely to be able to keep its large size and retain its status as a core “income portfolio” position thanks to strong and stable dividends. In the short term, rebounding oil prices should help near term cash flows and hence drive stock price appreciation. A successful investor day on February 11th could help change Shell’s perception amongst the sustainable investment crowd and market sentiment towards companies through lowering the climate / sustainability / reputational risk for institutional investors in owning Shell. This sustainability focus for investors accounts for a very large section of European institutional investors now. So things are improving now and it's likely we've seen the low in the Shell share price. The bottom line is that Shell is worth holding as a small part of your portfolio.
19/1/2021
16:16
maywillow: Shell: What It Will Take To Be Investible Again Jan. 19, 2021 5:15 AM ET| Summary Shell's dividend cut and unpredictability last year cost it a lot of shareholder confidence. I outline three metrics I think show whether it's investable again. On all three metrics, I continue to see it as uninvestable with confidence. U.K.-based oil major Shell (RDS.A, OTCPK:RYDAF) didn’t have a great time of it last year when it came to shareholder relations. With its mammoth dividend cut and poor signaling thereof before it was made, a lot of shareholders ditched the holding. I sold my entire stake and reinvested the proceeds in more Exxon Mobil (XOM). Below, I outline what I think are the key challenges to Shell being investable at this point. 1. Shareholders Need Faith in Management The single biggest challenge facing Shell’s prospects right now, in my view, is the low quality of its management from an investor’s perspective. The way that the dividend cut was handled was terrible. Shell is a key holding for many U.K. and Dutch holders, including pension funds and the like. So, a 70% cut just a couple of months after guiding investors not to expect a cut is simply not professional at all, in my view. It doesn’t behoove management of as large and economically important a listed company as Shell to behave in this way. Management lost credibility with many shareholders, and frankly, it was on such a scale that I won’t have faith in current management again, period. I thought the chief executive ought to have done the decent thing and resigned. But I also don’t see evidence that current management deserves to regain investor confidence even if one isn’t as critical of how they handled the dividend cut. For example, in comments accompanying the third quarter earnings presentation, the finance chief said: “we re-based our dividend to protect our balance sheet in response to the profound impacts of the pandemic”. That feels disingenuous to me. A 70% cut on an ongoing basis is not justifiable purely in terms of pandemic impact. The company seems to continue to message its shareholders without respecting their intelligence. For me, this is the biggest issue at the moment when it comes to the investment case for Shell. Whatever its asset base or strategy, if it doesn’t have appropriately skilled, reliable management, it’s a speculative punt, not an investment. 2. Visibility on Future Earnings Streams One of the big debates in the energy sector is future demand for oil and gas versus other forms of energy. I’ve set out elsewhere why I don’t think oil demand is going to fall anytime soon, but there are well-considered and very different perspectives across the spectrum of the debate. For an example, I recommend Tudor Invest Holdings’ piece Royal Dutch Shell: More Than Just Oil And Gas. One approach, which I would say Exxon is taking, is doubling down on the core business of oil and gas. That is a straightforward play on future oil and gas demand and pricing. An alternative approach is to move to an asset portfolio which over time produces more energy from sources other than oil and gas. Some are more environmentally damaging, in my view (wind turbines, for example), so I don’t use the moniker “green”. The point is, they’re not from oil and gas. A number of – primarily European – energy majors have committed to this approach. While it’s the case for Shell, it is also happening at BP (NYSE:BP), Total (NYSE:TOT) and Equinor (NYSE:EQNR), for example. So, Shell management is basically moving in lockstep with the European energy sector in its approach here, rather than acting independently. However, in terms of being investable, the question is what this means for future earnings. Exxon’s approach is simple to understand: one needs to look at future demand, pricing and the company’s production volume and costs. While those are all moving parts, it’s fairly easy to construct different models depending on one’s broad thesis about future oil and gas demand. By contrast, earnings from the sorts of energy sources Shell is getting into now are much harder to forecast. Markets remain heavily subsidized and immature, so the long-term economics are unclear. I set out in my piece Shell And The Myth Of Oil Major Green Energy my concerns that the company’s strategy was slow to execute, with unproven results. That remains the case. In its third quarter earnings, upstream and midstream results both came with financial figures attached. The so-called “growth” business did not. Shell now sees its upstream energy business as a cash cow to fund its move into other areas, and pay shareholder distributions. This is clear from a slide it shared with its Q3 earnings. Source: Q3 earnings presentation That also matches the approach the company management is taking to its oil production. The CEO is reported as saying that Shell’s oil production probably peaked in 2019. So, the company expects to reduce its output of its cash cow product, meanwhile expanding in other areas whose profitability is unproven and unknown. The key point here is not whether oil demand peaks, factor outside the company’s control. The issue is that the company is proactively planning to move to a product mix, which seems less profitable, and which is likely, therefore, to lead to structurally lower earnings in the long term, notwithstanding fluctuations in the oil price. 3. A Clear Dividend Logic Shell set out its new, clear dividend policy with its third quarter result: a dividend increase of c. 4% annually, subject to board approval. Additionally, it set out (as a lower priority) total shareholder distributions of 20-30% of operating cash flow on reaching net debt of $65 billion. Net debt at the end of September stood at around $73.5 bn. Once the debt comes down, these additional distributions could include both share buybacks and dividends. That means that, at its current price, Shell has a prospective forward yield around 3.5%, which is decent for an FTSE-100 constituent. The cut has also increased dividend cover, something the company highlighted alongside its inaugural 4% increase last year, although it's hard to say for now what the long-term cover is likely to be. So, there is a dividend policy. But I do not see a solid logic in it. First, why a meaty (4%) raise just months after a 70% cut? I just stole your wallet but, hey, here’s your cab ride home! Longer term, why 4%? It sounds attractive to potential investors. But with oil price movements and the unproven economics of Shell’s future focus, setting out a plan for a consistent annual rise lacks logic. While the clear dividend policy is welcome, I would like for a clear dividend logic also. Currently, I think it’s missing. That matters because if the dividend keeps growing by 4%, sooner or later (perhaps later), the company will come up against the same challenge it faced last year: how to sustain a payout level which has been rising, if oil prices crash? Conclusion: I Regard Shell As Uninvestable I sold my Shell position at a loss and reinvested it in Exxon, because I maintain faith in oil and gas as a long-term investment theme but don’t maintain faith in Shell. For me to consider it as being investable again, it would need to demonstrate that management is capable, it has a plan to sustain or increase earnings in so far as it can do so with the levers it can pull (of which oil price isn’t one) and that the dividend has a logic which doesn’t just run it up for years or decades and then heavily cut it again in future. For now, I consider it to fail on all three metrics.
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