Exxon Mobil Corp. has decided to maintain its quarterly dividend despite the plunge in oil prices and demand as a result of the coronavirus pandemic.
According to an April 29 release by the Irving, Texas-based company, Exxon Mobil declared a cash dividend of $0.87 cents per share for the second quarter, payable on June. 10. The dividend is at the same level as what the company paid its shareholders in first-quarter 2020.
Exxon Mobil is set to report its first-quarter results on May 1. Earlier this month, the company slashed its 2020 capex by 30% in response to the oil market collapse. The company now expects spending for the year to be at $23 billion, down $10 billion from its previous plan and the lowest in four years.
Reuters contributed to this report.
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