|About: Exxon Mobil Corporation (XOM)|By: Liz Kiesche, SA News Editor
Some of the world’s largest oil companies have raised more than $32B in recent weeks to ensure they have the cash to deal with the economic effects of the coronavirus while preserving dividends, the Financial Times reports.
ExxonMobil, Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B), Equinor, Total, and BP (NYSE:BP) have sold debt to raise dollars or euros since mid-March.
They’re also paring capex, reducing costs, pausing stock buybacks, and delaying project approvals.
Besides the bond sales, Shell and BP have also obtained new multibillion-dollar credit facilities.
Worldwide consumption of oil has plummeted due as travel bans and lockdowns are imposed in many countries to slow the spread of COVID-19; at the same time, Saudi Arabia and Russia are engaged in a price war and threatening increasing production.
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