London (CNN Business) Royal Dutch Shell has slashed its dividend for the first time since World War II after profits were wiped out by a historic collapse in oil demand caused by the coronavirus pandemic . Cutting the dividend will "reinforce our resilience, preserve the strength of our balance sheet and support value creation in the long term," Van Beurden added. Shell's dividend cut will free up about $10 billion, analysts at Wood Mackenzie said in a note. "These are difficult and extraordinary times, but we must maintain focus on the long term," Van Beurden said Thursday. Total TOT "Shell's dividend cut has thrown down the gauntlet to the supermajors," said Ellacott.

Source: CNN April 30, 2020 09:43 UTC