By James Connington: 14 NOVEMBER 2016
In the hunt for income‑producing stocks, BP and Royal Dutch Shell are two obvious candidates.
Both have so far kept dividend promises made before the oil price crash, leading to hefty yields: 7pc for BP and 6.7pc at Shell. But which firm is better placed to sustain such attractive dividends?
At first glance, it can look like splitting hairs. Each is prioritising dividend payments, although there is little chance of dividend growth.
Both have taken significant action to cut costs and sell assets in response to the lower oil price.
There are clear risks: history suggests the Opec deal to cut oil production and support prices won’t stick; the company still has to prove it can make its huge BG acquisition work; and the dividend is not covered by earnings for this year and barely covered for next.
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The company has already cut hundreds of jobs from its UK workforce. In the clearest sign yet that Britain’s biggest company will turn its back on the “super mature” North Sea, Shell told investors its planned $30bn sales drive to tackle its debt burden will focus on mature assets in established oil regions.
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“The peer group of four companies that Shell uses to benchmark its long-term incentive plans (L-tips) is too narrow and we remain concerned about the overly generous senior management pension plans.”
In its last year as standalone company, BG managed to limit the impact from plunging oil prices to a 16pc drop in revenue for the year, racking up sales of $16.2bn.
Shell shares won’t run better just because BG’s been added to the tank
Shell’s bid for BG received an 83pc vote in favour from its shareholders.
By Jillian Ambrose, Ben Martin: 
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Standard Life Investments, the 16th largest shareholder in Shell with a 2.1pc stake, has voiced doubts that the oil price will bounce back sufficiently to make the tie-up worthwhile.
By Ian McVeigh: 
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
