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Shell announce new pensions measure as rising oil prices boost fortunes

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Shell announce new pensions measure as rising oil prices boost fortunes

Royal Dutch Shell has cheered pension funds and other investors by bringing forward plans to hand back billions. The global energy giant has announced the measure as the rising oil price boosts its fortunes. It plans to start returning 20 to 30 percent of its cash flow from operations to investors in dividend payments and share buybacks after its half-year results later this month, having cut its debts to £45billion.

Shell said the move was due to “strong operational and financial delivery, combined with an improved macro-economic outlook”. The oil giant suffered a brutal 2020, losing £15.7billion due to the economic disruption caused by the pandemic.

However, its fortunes have been revived by a combination of cuts, asset sales and the price of crude oil rocketing from a low of $21.44 per barrel in April last year to a high of $76 this month.

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