Oil companies cutting dividends to preserve cash
Shareholders estimated to lose more than US$7.4b in income this year; quarterly payments unlikely to be restored any time soon even if energy prices rebound
New York
Bludgeoned by falling energy prices, at least a dozen oil and natural gas companies have opted to cut dividends this year to preserve cash, cannibalising payouts considered sacrosanct by many investors.
The cost to shareholders: more than US$7.4 billion in lost income, compared to what they would have received this year if the payouts remained the same.
It's…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?