is slashing its 2020 capital spending plan as depressed oil prices hammer the energy sector, but CEO Darren Woods said that the company's dividend is safe for the time being.
On Tuesday, the company said that it was reducing capital spending for 2020 by 30 % — from $33 billion to around $23 billion — and cutting operating expenses by about 15%. The largest share of the reduction will be in the Permian Basin, where it's easier to adjust short-cycle investments, Woods said.has slid 56% this year as the coronavirus outbreak has sapped demand. At the beginning of the year, a barrel of WTI fetched more than $60. Today, it trades around $26.
Woods said that the company doesn't factor the decision-making of OPEC into how it operates its business.
All these companies cutting CAPEX can't be good for a growing economy. Just stimulates a downward spiral.
when the driver ignore fuel signal to reach faster :)
The one time you could cut dividends without having to explain to pissed off investors as to the reason, you decide to keep it...
This is what pisses me off, those 'cuts' were employees or their pay. All so he can profit.
Or at least attempt to
The object of the dividend manipulation as far as I am concerned would be to keep the PE Ratio within 15 to 20 times earnings
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