Shell’s Cash Flow Generation Disappoints Market, but We’re Not Concerned
Shell remains a Best Idea in the integrated sector after reporting first-quarter results. Despite strong earnings growth that largely met expectations, shares sold off as cash flow did not increase to the degree that was expected given the concurrent increase in oil prices. While Shell has already delivered on key targets, such as restoring full cash dividend (as of fourth-quarter 2017) and nearly achieving its $30 billion asset divestiture goal ($26 billion completed or announced), for four qua...
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