NEW YORK: Exxon Mobil Corp was once the largest US publicly traded company in the United States. Now, the oil major is not even the largest energy name, having been surpassed by rivals and even a renewable company, as it tries to maintain its hefty dividend.
Exxon cut employees and project spending, but has stuck by plans to continue paying a dividend that costs nearly US$15 billion per year. "The last thing Exxon should be doing is putting itself in a position where it is forced to sell assets purely for the purpose of finding extra cash to pay the dividend," said Raymond James analyst Pavel Molchanov.
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