Shell cuts dividend for the first time since World War II

Oil giant Royal Dutch Shell announced on Thursday cutting its dividend to shareholders for the first time since World War II, following a dramatic plunge in oil prices amid the coronavirus crisis.

The board at Shell stated that it had decided to slash the oil major’s first-quarter dividend to $0.16 per share, down from $0.47 at the end of 2019, marking a reduction of 66 percent.

“Shareholder returns are a fundamental part of Shell’s financial framework,” Chad Holliday, chair of the board of Royal Dutch Shell, said in a statement on Thursday.