'It's amputation': Shell cut its dividend for the first time since World War II, the latest sign of the brutal crisis decimating the oil industry

REUTERS/Sergio Moraes

• Shell reduced its first quarter dividend by 67% from $0.47 to $0.16.
• It marks the first time since World War II that the Dutch oil giant has cut its dividend, the latest sign of the brutal reality of the oil market crisis.
• The dividend cut is "more evidence of the appalling damage the pandemic is doing to the world economy," one analyst said, describing it as an "amputation."
• Demand for oil has plummeted in recent weeks as the coronavirus pandemic halts air travel and shuts down manufacturing.
• Track Shell's share price live on Markets Insider. 

Shell slashed its dividend for the first time since the Second World War on Thursday, cutting shareholder payments by 67% as coronavirus torpedoes demand for commodities and shatters the oil-producing industry. 

Shell said in a statement on Thursday that it was cutting its share dividend from $0.47 to $0.16 as it posted significantly lower quarterly earnings.

See the rest of the story at Business Insider

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