Exxon Mobil sustains costly dividend with spending cuts

Exxon Mobil Corp. wants to “preserve cash for the dividend” by reducing this year’s capital spending by $10 billion and making cuts in operating costs, Chief Executive Officer Darren Woods said in a statement Tuesday. Exxon needs more cash than almost every other company in the S&P 500 Index to sustain its payout. Last year, the largest U.S. energy producer paid $14.65 billion of dividends, according to data compiled by Bloomberg. Only AT&T Inc. spent more in 2019, as the phone and entertainment company distributed $14.89 billion.