• Home
  • Contact Us
  • Privacy & Policy
Wednesday, May 25, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Investing

Exxon CEO Darren Woods promises investors a strong dividend despite 2020 losses

by admin
March 4, 2021
in Investing
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Exxon CEO Darren Woods told CNBC on Thursday the oil giant is committed to its dividend even though the company lost more than $20 billion in 2020 and as activist investors push for change.

“We’re going to continue to return cash to shareholders through a very strong dividend,” Woods said on “Squawk Box.”

He noted that 2020 was “certainly the worst environment” that Exxon has ever faced as the coronavirus brought global economies to a standstill, sapping demand for fuel. At one point, West Texas Intermediate crude futures dipped into negative territory — an event that many had previously thought impossible.

“We had to strike that balance of continuing to invest for the future, continuing to pay a dividend, and we used our balance sheet to kind of draw down through these very low periods of time,” Woods said.

Amid the challenges over the last year, Exxon slashed its capital spending plan and reduced its workforce in an effort to preserve its dividend. The cost-cutting measures meant the company continued its payout, although Exxon didn’t raise its dividend in a break with tradition.

The company’s current yield of 6.2% is among the highest in the S&P 500, making it an attractive bet for income-seeking investors.

Woods’ comments came a day after Exxon’s annual investor day, where the company highlighted its global portfolio, financial capability and commitment to reducing emissions through carbon capture.

In research reports following the investor day, Wall Street firms including Evercore ISI and Bank of America said they believe the dividend is safe.

Exxon has faced pressure from activist investors since at least December, and on Monday the company announced two new board members, including Jeff Ubben, an activist investor and ESG proponent.

The other new board member is Mike Angelakis, chairman and chief executive officer of Atairos and former CFO of Comcast.

“We were looking for people that have experience and a successful track record in allocating capital, finding value and opportunities and helping businesses transition, and I think Jeff and Michael really fit that bill,” Woods told “Squawk Box.”

Still, Engine No. 1, an activist group that’s been targeting Exxon since December, said the new board changes are not enough. The firm, which includes founders from activist hedge funds such as Partner Fund Management and Jana Partners and won the support of California pension giant CALSTRS, has nominated its own slate of four new directors.

“While ExxonMobil has now conceded the need for board change, what is missing are directors with diverse track records of success in the energy industry who can position the Company for success in a changing world,” Engine No. 1 said Wednesday.

Exxon shares were up 2.8% on Thursday morning. The stock is up 37% for 2021 through Wednesday’s close.

Disclosure: CNBC is owned by Comcast’s NBCUniversal unit.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.



Source link

Tags: CEODarrendividendExxoninvestorslossespromisesstrongWoods
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022

Stripe Partners With OpenNode to Allow Instant Fiat-to-Bitcoin Conversions for Businesses

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0

Stripe Partners With OpenNode to Allow Instant Fiat-to-Bitcoin Conversions for Businesses

May 25, 2022

LUNA’s Ghost Haunts ‘Permissionless’ Crypto Conference

May 25, 2022

U.S. bars Russia from paying bondholders through American banks, increasing default risk

May 25, 2022
FOREX-Dollar on backfoot ahead of U.S. jobs data | Business

FOREX-Kiwi soars on hawkish RBNZ, greenback bounces from 1-month low | Business

May 25, 2022

Recent News

Stripe Partners With OpenNode to Allow Instant Fiat-to-Bitcoin Conversions for Businesses

May 25, 2022

LUNA’s Ghost Haunts ‘Permissionless’ Crypto Conference

May 25, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.