Shell has set a course for improvement, but still needs some help from oil prices.
At its annual management day, Shell announced it would restore the full cash dividend with the fourth-quarter payment. The decision came earlier than we expected, but is not entirely surprising, as we estimate Shell’s break-even at $50/barrel next year. However, it previously indicated further debt reduction towards its 20% gearing ratio would be a priority, but with gearing at 25% at the end of the third quarter and a subsequent $5 billion in asset sales proceeds, there is a clearer line of sig...
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