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Royal Dutch Shell Plc shares rise on promise of bigger shareholder returns

In London, Shell shares rose 2.11% to change hands at 1,451.60p.

Plc () shares were rising in Wednesday’s early deals on the promise of greater shareholder returns thanks to stronger oil prices and cashflows.

In a statement, the company said that it would increase total shareholder distributions to between 20% and 30% of cashflow from operations with the precise amount subject to the ‘full visibility of second quarter results’.

It comes as prevailing oil prices – up to around US$75 per barrel from around US$45 at the turn of the year – have boosted cash flow and profitability substantially.

The oiler-in-transition told investors that it expects to have further reduced its net debt during the quarter and will retire its net debt target of US$65bn, and, it added that it will keep capex below US$22bn in 2021.

The pending rise in shareholder returns comes ahead of the market expectations.

In London, Shell shares rose 2.11% to change hands at 1,451.60p.

Second quarter results are due for release on July 29.

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2021-07-07 04:27:00

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