Loading...
Loading...
In the United Kingdom, BP announced a pause on its share buyback program. The company stated this decision was made to prioritize reducing its debt. This move coincided with BP reporting lower profits and implementing a broader cost-cutting strategy. Following the announcement, the company's stock price declined by more than four percent.
Internationally, Shell undertook significant financial and operational actions. The company declared it would return an additional $3.5 billion to shareholders and raise its dividend. This decision was made despite Shell's reported falling profits and a recent failure to meet profit expectations. Concurrently, Shell is advancing a major natural gas initiative in Venezuela, specifically the Dragon gas project. The company cited recent U.S. sanctions relief provided through general licenses as enabling this progress. Shell's chief executive also indicated the company would evaluate further fossil fuel investments in Venezuela.
5 topics | 34 sources
BP has paused its plan to buy back its own shares from investors. The oil and gas company says it is doing this to focus on paying down its debt. This move comes as BP reported lower profits and is working on a broader plan to cut costs. The company's stock price fell more than 4% after the announcement.
3 topics | 41 sources
Feb 27
Shell makes major financial moves while expanding gas projects in VenezuelaShell is taking several significant financial and operational steps. The company announced it will return an additional $3.5 billion to its investors and increase its dividend, even though its profits have continued to fall and it recently missed profit expectations. At the same time, Shell is moving ahead with a major natural gas project in Venezuela. The company says recent U.S. sanctions relief, in the form of general licenses, will allow it to progress with the Dragon gas project there. Shell's chief executive also stated the company will consider further fossil fuel investment in Venezuela.