Big Oil’s Dilemma: Cut Dividends Or Cut Operations

The oil majors are facing a financial vice like they never have before.  With oil prices hovering around $20 per barrel and no end in sight for the global pandemic, the financial pain has only just begun. Norway’s Equinor became the first large oil company to cut its dividend, slashing it by 67 percent. It may not be the last.  On Friday, Italy’s Eni reported a 94 percent decline in profit in the first quarter, a period that did not capture the full brunt of the current slump. Eni cut spending by 30 percent and lowered its…