Exxon and Chevron are 'dividend aristocrat' stocks, but for how long?
As Exxon Mobil Corp. works on a plan to cut costs, investors are pondering whether Exxon and Chevron Corp. are going to forgo paying dividends for the first time in decades.
A plan is expected to be finalized soon, the company said. Exxon shares rallied on the news and carried on trading higher on Tuesday. “What every oil producer is currently focused on, as the first line of defense, is cutting capital spending: in many cases, quite sharply, by 30% or even more,” Molchanov said.
Pioneer late Monday revised its 2020 outlook and reduced its 2020 program to “maintenance mode” with total capex just under $2 billion. Molchanov has called for NYMEX-traded crude-oil prices to test levels as low as $20 a barrel in the second quarter of 2020 before a rebound in the second half of the year to end the year around $45.
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