HOUSTON: Exxon Mobil Corp on Wednesday kept its fourth-quarter dividend flat at 87 cents a share, signalling 2020 will be the first year since 1982 that the US oil producer has not raised its shareholder payout.
Exxon has pledged cost and jobs cuts that could be announced as early as Friday. The decision to retain the quarterly dividend could indicate it expects margin improvements from cost-cutting will allow it to continue making the hefty payout.The company posted its first back-to-back quarterly losses this year and is projected to report a full-year US$2 billion loss, Refinitiv estimates show, excluding asset sales or write-downs. It reports third-quarter financial results on Friday.
BP PLC, Equinor ASA and Royal Dutch Shell PLC earlier this year cut their shareholder payouts by at least half.
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