TimesOnline: Shell dividends are still flowing
May 08, 2004
Posted 11 May 04
Stella Shamoon provides her regular update on
the performance of the Share of the Month portfolio
Shell’s first-quarter adjusted net income rose 9 per cent to $4.25 billion (£2.37 billion), albeit buoyed by exceptional gains. But a $2 billion share buyback and a $2 billion increase in capital expenditure (with only $200 million being spent on pure exploration) was comforting after so many nasty surprises.
Shell is strong, gushing cash and dripping dividends. So I am not selling my shares now, not least because it is under pressure to reform its antiquated and opaque structure. Nor am I selling my shares in ENI and Schlumberger. The oil price is red hot and so, sadly, is geopolitical risk. Hold all.