Exxon Mobil, Shell and ConocoPhillips report that their profits have taken sizable hits as their revenues suffer. http://www.houstonchronicle.com/business/energy/article/Big-Oil-profit-gets-smaller-as-crude-prices-drop-6234735.php
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I believe (if I remember correctly) dividends were .9 billion and the capital program was over 3 billion. Dividends were not over 3 billion for the quarter. (That's more of an entire year number). Op cash flow was something like 1.8ish. So we spent way more than we brought in but it wasn't entirely due to dividends. The capex budget is still very high given the level of op CF.
$5 billion cash end of 4th quarter, 2014. $2.5 billion cash end of 1st quarter, 2015. Dividends @ $3.5 billion. $2.5 billion - $3.5 billion = finance the dividend with debt or asset sales.
Dividends?