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//February

Magellan Remains Positioned to Preserve Distribution Despite Disappointing Guidance

Magellan on Tuesday reported earnings, closing out a year which management described as having "the most challenging industry and economic conditions experienced in our 20-year history as a public company." Magellan's units slumped more than 4% on the update after management's guidance indicated that this year may not be much better. The firm's distributable cash flow (DCF) [...]

February 3rd, 2021|Uncategorized|

Exxon Expects to Maintain Dividend as Breakeven Oil Price Falls

Exxon believes its cash flow will cover capital expenditures and the dividend this year even if Brent oil prices average as low as $45 per barrel and its downstream and chemical businesses maintain their lowest margins in at least a decade. As part of the firm's earnings presentation on Tuesday, management laid out capital allocation priorities through [...]

February 3rd, 2021|Uncategorized|

Chevron’s Breakeven Oil Price Now in the $40s, Providing More Support for the Dividend

Chevron on Friday reported fourth-quarter earnings and showed continued progress improving the sustainability of its dividend in a low oil price environment. Driven by capital spending reductions and lower operating expenses, Chevron's breakeven oil price required to cover its capital program and dividend was under $50 per barrel for the second quarter in a row. That's down [...]

February 1st, 2021|Uncategorized|