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Oil giants turn to scrip dividends in bid to retain cash

But using that tool means companies need to issue new equity, diluting their earnings per share in future

London

IN a record downturn for the oil industry, cash is everything to companies and dividends are everything to their investors. One tool is helping Europe's three biggest producers preserve both, but there's a long-term price to pay.

Royal Dutch Shell Plc, Total SA and BP Plc

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