Majors reward shareholders

摘要

The majors have all hiked dividends at least once this year for the first time since 2008, signalling confidence that current output constraints will not hinder future cash flow growth. Oil prices that have averaged above $100/bl since the start of last year have emboldened the majors to reward shareholders without compromising their extensive capital expenditure (capex) programmes. But some are becoming increasingly reliant on asset sales to meet their growing spending commitments (WPA, 7 September, p2).