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ExxonMobil keeps dividend flat

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Oilfield Technology,

As reported by Reuters, ExxonMobil has kept its 4Q20 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.

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.

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