Malaysia's Petronas announced a 38% cut in dividends on Wednesday but remained committed to major capital projects as the state-owned firm takes a different approach to cost-cutting than many international oil companies (IOCs) in the low oil price environment. Western majors, with the exception of Italy's Eni, have pledged to protect their dividend at almost all costs despite the drop in earnings. The companies have scaled back investment decision on new projects, as many rebase portfolios at a $60 oil price.
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