Shell Deepens Big Oil’s Disappointment With Earnings Miss
- Reiterates pledge for dividend growth despite rising debt
- Oil industry is on a long road to recovery from pandemic
Photographer: Chris J. Ratcliffe/Bloomberg
This article is for subscribers only.
Royal Dutch Shell Plc deepened the disappointment of Big Oil’s fourth quarter, reporting net income that fell short of expectations and weak cash flow.
The company added to the evidence from its peers that much of the industry is still living beyond its means, even after large cuts to dividends and spending. Oil prices have recovered from last year’s lows -- rising to a one-year high this week -- but Covid-19 lockdowns in countries around the world are still depressing fuel sales and refining margins.