Shell has cut its dividend payments to shareholders — the first time the Anglo-Dutch supermajor has done so in almost 80 years — as first-quarter earnings fell 46% year-on-year to $2.86 billion on collapsing demand due to the coronavirus pandemic.

Shell said cuts to operating and capital spending, as well as cancelling all staff performance bonuses, were also among measures it is taking to strengthen the balance sheet.

It also warned production would be significantly lower in the second quarter.