ConocoPhillips crosses the dividend divide

摘要

Leading US independent ConocoPhillips has surprised investors by cutting its dividend, just two months after chief executive Ryan Lance pledged to defend it through the oil price downturn. Other US firms could follow ConocoPhillips’ lead. ConocoPhillips changed its stance and cut its first-quarter dividend by twothirds to 25￠/share because market “factors have changed significantly” as crude prices have fallen to around $30/bl, Lance says. “The decision to reduce the dividend was a difficult one,” he says. But the cut will improve the firm’s net cash flow by $4.4bn this year. And ConocoPhillips has lowered its capital expenditure (capex) guidance by nearly 40pc from actual spending last year to $6.4bn, which is down from guidance of $7.7bn given in December. Capex in 2015 was $10.1bn, down by over 40pc from 2014. The company sold assets worth $2bn last year.