Liam Denning, Columnist

Big Oil's Break-Even Breakdown

None are positioned well for lower oil prices for longer.

February 23, 2016 at 2:58 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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Mighty Exxon, as I pointed out previously, is showing signs of strain as it juggles growth plans, dividends and buybacks with oil at about $30 a barrel. But it isn't alone.

The chart below shows how Exxon's capital spending has jumped compared with its cash flow per share, leading the oil major to borrow more to fund its shareholder payouts.