Hague intentions

4 February 2021 By George Hay Follow @gfhay

The $140 bln oil giant earned $4.8 bln last year as rivals made losses. Next week’s strategic overhaul is unlikely to involve big cuts in crude output or BP-style wind power targets. The cautious approach runs counter to its green-leader image – and the prevailing investor mood.

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Royal Dutch Shell on Feb. 4 reported a net profit for 2020 of $4.8 billion, after stripping out one-offs and the effect of price changes on inventory, below a $5.1 billion forecast from a company-provided survey of analysts. Fourth-quarter net profit was $393 million, compared with a forecast of $597 million.

Shell said it expected to raise its dividend for the first quarter of 2021 to 17.35 cents per share, up 4% from the previous quarter.

Shell’s net debt rose to $75 billion at the end of December from $73 billion three months earlier. Net debt is now 32% of total capital, up from 31% at the end of September.

Shell shares were up 0.3% at 15.4 euros at 0822 GMT on Feb. 4.

Shell is betting on power trading and rapid growth in hydrogen and biofuels markets as it shifts away from oil, rather than joining rivals in a scramble for renewable power assets, Reuters reported on Feb. 1, citing company sources.

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Shell said it expected to raise its dividend for the first quarter of 2021 to 17.35 cents per share, up 4% from the previous quarter.

Shell’s net debt rose to $75 billion at the end of December from $73 billion three months earlier. Net debt is now 32% of total capital, up from 31% at the end of September.

Shell shares were up 0.3% at 15.4 euros at 0822 GMT on Feb. 4.

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