Exxon Mobil Corp. (XOM) is mulling over deeper spending and job cuts as it seeks to preserve its dividend, Reuters reported Thursday citing people familiar with the plans. Exxon and Chevron Corp. (CVX) are the only energy companies on a list of "dividend aristocrats," or S&P companies that have increased their dividend every year ( ) for at least 25 consecutive years. Exxon is scheduled to report second-quarter earnings on Friday before the bell. Analysts polled by FactSet expect Exxon to swing to a GAAP loss of 47 cents a share on sales of $38.2 billion, which would be around 45% lower than second-quarter 2019 sales. Exxon has increased its dividend each year for the last 37 years.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 30, 2020 12:20 ET (16:20 GMT)
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