ExxonMobil Maintains Dividends Despite Price Crunch

ExxonMobil said on April 29 it would maintain dividends at $0.87/share for the second quarter, unchanged from the payment for the first quarter, despite the collapse in oil prices.

The dividends will be paid on June 10. Shares in the Texas-based major were up 5.54% at the close of trade in New York on April 29.

BP has also maintained dividends, whereas Shell has slashed its payments by 45%. 

ExxonMobil is due to publish its first quarter results on May 1. A number of major oil producers, including BP and Shell, swung to a loss in the three-month period because of the oil price rout and the demand destruction caused by the Covid-19 pandemic.

The US firm has cut its plan for capital expenditure this year by 30% to $23bn, and is also targeting a 15% reduction in cash operating expenses. Several of its projects have been delayed, including the Rovuma LNG complex it is developing with Italy's Eni, where a final investment decision has been pushed back to 2021.