On March 24, Phillips 66 (PSX) announced its response to the challenging business environment caused by extreme volatility in energy markets and the coronavirus pandemic. Despite facing industry conditions that are worse than the last down cycle in 2016, the firm's dividend remains a priority: "We are taking action to maintain our financial strength to ensure security of our dividend..." – CEO Greg Garland Management expects EBITDA to be in a range of $3 billion to $4 billion this year, below the $4 billion trough it experienced in 2016. In response, the company plans to reduce its capital spending by $700 million to $3.1 billion, and $500 million of cost savings initiatives are planned.

America's largest banks have come a long ways since the 2007-09 financial crisis. Based on data from the Federal Reserve, they are well capitalized and have sizable capital buffers to absorb losses from unexpected shocks. The Fed's 2019 stress test on the nation's largest banks such as JPMorgan Chase (JPM) indicated that these institutions could maintain adequate capital levels, as well as their dividends, in "severely adverse" economic conditions. However, the coronavirus pandemic is a test unlike any other as many parts of the economy have now reached a standstill. Many households and businesses simultaneously need access to capital, and fast.

America's largest banks have come a long ways since the 2007-09 financial crisis. Based on data from the Federal Reserve, they are well capitalized and have sizable capital buffers to absorb losses from unexpected shocks. The Fed's 2019 stress test on the nation's largest banks such as Bank of America (BAC) indicated that these institutions could maintain adequate capital levels, as well as their dividends, in "severely adverse" economic conditions. However, the coronavirus pandemic is a test unlike any other as many parts of the economy have now reached a standstill. Many households and businesses simultaneously need access to capital, and fast.

America's largest banks have come a long ways since the 2007-09 financial crisis. Based on data from the Federal Reserve, they are well capitalized and have sizable capital buffers to absorb losses from unexpected shocks. The Fed's 2019 stress test on the nation's largest banks such as Wells Fargo (WFC) indicated that these institutions could maintain adequate capital levels, as well as their dividends, in "severely adverse" economic conditions. However, the coronavirus pandemic is a test unlike any other as many parts of the economy have now reached a standstill. Many households and businesses simultaneously need access to capital, and fast.