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.
At US$3.48 per share, the annual dividend is equal to 10.6% of its share price.
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 3Q20 financial results on Friday.
Exxon shares traded at US$31.57 on Wednesday, down 3.8%, and at the lowest point in more than two decades.
Read the latest issue of the magazine in full for free: Oilfield Technology's November/December 2020 issue
The November/December issue of Oilfield Technology begins by reviewing the state of the North Sea before moving on to cover a range of topics, including Drilling Technologies, Deepwater Operations, Flow Control.
Contributors come from Varel Energy Solutions, Gyrodata, Clariant Oil Services, Drillmec and many more.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/29102020/exxonmobil-keeps-dividend-flat/