Oil supermajors returned more cash to shareholders than ever before last year as management teams reined in spending on new projects to free up cash for dividends and buybacks. There may be more to come.
Malaysia’s Petronas is expected to contribute to government coffers as much as 59 billion ringgit ($13.25 billion) this year, a cabinet minister said in a statement to parliament published Friday. This would be higher than last year on the back of record-high oil prices and its best ever quarterly profit in at least a decade.
Malaysia’s national energy company Petronas is considering selling some of its oil assets to bolster its finances as the federal government seeks a bigger dividend and to help streamline its business for the energy transition. Overseas assets in Africa, Middle East and Southeast Asia could be put up for sale.
Exxon Mobil said proposals put forth by an activist investor pushing for changes at the oil giant threaten future cash flows and the sustainability of its dividend.
Exxon Mobil Corp. kept the S&P 500 Index’s third-largest dividend after this year’s rally in commodity prices eased analysts’ fears that the payout was becoming unaffordable.
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
Shell cut its dividend for the first time since World War Two yesterday in an move that further highlights the severity of the latest oil sector downturn.
Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty.