Exxon is keeping dividends unchanged for the first time since 1982

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ExxonMobil kept its fourth-quarter dividend at 87 cents a share, making 2020 the first year in which the US oil giant has not raised dividends to its shareholders since 1982.
The sharp fall in energy prices and a plunge in demand have surprised the company this year. Prices in the United States have fallen 39% since the beginning of the year as global demand has collapsed due to the Covid-19 pandemic.
Exxon has pledged to cut costs and jobs in measures that may be announced “Friday.” The decision to keep the quarterly cash dividend unchanged may indicate that it expects an improvement in spending cuts that will allow it to continue those higher dividends.
And the annual dividend of $ 3.48 per share is equivalent to 10.6% of its price.
The company has seen losses for two consecutive quarters for the first time this year and is expected to incur losses of $ 2 billion for the full year, according to Refinitive estimates by excluding asset sales and devaluation. The company is scheduled to announce its third-quarter financial results tomorrow, Friday.
(Reuters)

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