Income Majors 2019 

Shell’s front-loaded returns

Shell’s front-loaded returns

Royal Dutch Shell (RDSB) handed investors a pair of binoculars last month, giving them five years worth of dividend and cash-flow forecasts to gaze at. The oil and gas major stuck a big number on its total payouts over that period, too, at $125bn (£99bn). Jefferies estimates this would raise the annual shareholder distribution to 8 per cent, compared with a 9.6 per cent yield in 2019, which includes the cash returns from the current $25bn share buyback programme.

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