Shell’s $70 Billion Debt Joins Dividend as Top Priority: Chart

Royal Dutch Shell Plc, one of several oil majors to make dividend payments a top priority, is now affording the same level of attention to reducing its record debt. The acquisition of BG Group Plc has driven borrowings to the highest among all Europe-listed companies excluding banks and increased Shell’s ratio of net debt to equity to the widest of the world’s top five non-state oil producers. Shell needs to reduce borrowings by as much as $20 billion before looking at other priorities, Chief Financial Officer Simon Henry told shareholders on Tuesday.

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