International supermajors could face a choice between their dividend policies and their credit ratings if low oil prices continue to erode their finances, according to a leading credit ratings agency. Exxon Mobil, Chevron, Total, BP and Royal Dutch Shell have been able to maintain, and even grow, their dividend payouts through asset sales, borrowing or substituting shares for cash, but continued weakness in oil markets will force companies to consider the toll dividends are taking on their overall financial health, S&P Global said in a new report.
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