Exxon pledges to safeguard dividend despite first annual loss in at least 40 years
The Irving-based oil giant is emerging from the wreckage of 2020 facing the worst crisis in its modern history.
Exxon Mobil s dividend pledge comes on the heels of a $19.3-billion writedown of U.S. natural gas and other assets, and the lowest production since the 1999 Mobil Corp. merger.(ERIC PIERMONT / AFP via Getty Images)
Exxon Mobil Corp. on Tuesday pledged to safeguard its mammoth dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors, lawmakers and climate-change campaigners.
Exxon defends dividend after first annual loss in decades
Kevin Crowley, Bloomberg News VIDEO SIGN OUT
Exxon Mobil Corp. pledged to safeguard its mammoth dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors, lawmakers and climate-change campaigners.
Exxon assured investors of its financial health in a world of US$50-a-barrel oil and promised that if crude were to dip to US$45 it would sacrifice spending in the name of dividends. The Western worldâs largest oil explorer has so far avoided the sort of payout cuts adopted by rivals Royal Dutch Shell Plc and BP Plc.
Exxon Defends Dividend After First Annual Loss in Decades
Bloomberg 2/2/2021 Kevin Crowley and Javier Blas
(Bloomberg) Exxon Mobil Corp. pledged to safeguard the S&P 500 Index’s third-largest dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors and climate-change campaigners.
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Exxon assured investors of its financial health in a world of $50-a-barrel oil and promised that if crude were to dip to $45 it would sacrifice spending in the name of dividends. The Western world’s largest oil explorer has increased the payout each year since 1972, unlike rivals Royal Dutch Shell Plc and BP Plc that cut distributions last year.
Chevron Drops After Surprise Loss, Dividend Disappointment
Bloomberg 1/29/2021 Kevin Crowley
(Bloomberg) Chevron Corp. slumped after posting a surprise loss and failing to increase its dividend, signaling that the aftermath of 2020’s pandemic-driven petroleum demand crash will linger for the world’s biggest oil companies for some time to come.
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The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit due to a weak performance from its refineries, where runs were reduced substantially in response to lower demand for jet fuel, diesel and gasoline. Analysts expressed disappointment that the company failed to raise its first-quarter dividend despite having lower debt than peers.
Chevron Drops After Surprise Loss, Dividend Disappointment
Bloomberg 1/29/2021 Kevin Crowley
(Bloomberg) Chevron Corp. slumped after posting a surprise loss and failing to increase its dividend, signaling that the aftermath of 2020’s pandemic-driven petroleum demand crash will linger for the world’s biggest oil companies for some time to come.
Popular Searches
The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit due to a weak performance from its refineries, where runs were reduced substantially in response to lower demand for jet fuel, diesel and gasoline. Analysts expressed disappointment that the company failed to raise its first-quarter dividend despite having lower debt than peers.