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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


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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