Big Oil Cuts $20 Billion in Five Hours to Preserve Dividends

By preserving and even increasing dividends, energy companies are attempting to keep investors on board while they wait for oil and natural gas prices to rebound to more profitable levels. Royal Dutch Shell Plc, Occidental Petroleum Corp. and ConocoPhillips pledged to slash spending on new wells, pipes and drilling leases by almost $10 billion this year alone -- enough to drill more than 1,400 shale wells. “We see pressure on our investment program,” Shell Chief Executive Officer Ben van Beurden said on Bloomberg TV.



via Business News http://ift.tt/1yEBUZ5