To please investors, Big Oil makes deepest cuts in a generation
August 7, 2015
Oil companies are making the largest cost cuts in a generation to reassure investors. They’re risking their own future growth.
From Chevron Corp to Royal Dutch Shell, producers are firing thousands of workers and cancelling investments to defend their dividends. Cutbacks across the industry total $US180 billion so far this year, the most since the oil crash of 1986, according to Rystad Energy, an Oslo-based energy consultant.
BP chief executive Bob Dudley said last week his “first priority” was payouts to shareholders. Chevron CFO Patricia Yarrington said her company was committed to continuing its 27-year record of annual dividend increases.
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