Big Oil may have to break dividend taboo as debt spirals: investors [Reuters]
BP p.l.c. (BP)
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Source: Reuters
Big Oil may have to break dividend taboo as debt spirals: investors LONDON (Reuters) - The world’s biggest oil and gas firms should break an industry taboo and consider cutting dividends, rather than taking on any more debt to maintain payouts as they weather the fallout from the coronavirus pandemic, investors say. The top five so-called oil majors have avoided reducing dividends for years to keep investors sweet and added a combined $25 billion to debt levels in 2019 to maintain capital spending, while giving back billions to shareholders. The strategy was designed to maintain the appeal of oil company stocks as investors came under increased pressure from climate activists to ditch the shares and help the world move faster toward meeting carbon emissions targets. Now this strategy is at risk. Oil prices have slumped 60% since January to below $30 a barrel as demand collapsed because of the pandemic and as a battle for customers between Saudi Arabia and Russia threatened to flood th
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BP
Earnings
- 2/7/24 - Miss
BP
Sec Filings
- 4/25/24 - Form 6-K
- 4/18/24 - Form 6-K
- 4/9/24 - Form 6-K
- BP's page on the SEC website