Oil Companies Curtail Spending on Everything--Except Dividends

Updated on
  • Exxon boosts investor payout for 33rd consecutive year
  • Oil executives selling oilfields, airplanes to raise money

Exxon Mobil Corp., the world’s biggest oil explorer, declared a quarterly dividend on Wednesday that will raise the 2015 payout for the 33rd straight year.

Photographer: Luke Sharrett/Bloomberg

Oil executives are standing by promises to protect dividend payouts from the collapse in crude prices even as they fire workers, cancel drilling projects and sell everything from oil fields to aircraft to conserve cash.

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