Majors 'living beyond means'

摘要

FIVE oil majors over the past decade have spent more on dividends than they generated in free cash flow, funding the shortfall with asset sales and long-term debt, a new analysis has suggested. A study from the US's Institute of Energy Economics & Financial Analysis (IEEFA) demonstrated that five oil majors — ExxonMobil, BP, Chevron, Total and Shell — have collectively paid out out $536 billion in dividends and share buybacks since 2010.