The recent fourth-quarter earnings reports from BP (BP ), Chevron (CVX ) and ExxonMobil (XOM ) show big oil’s determination to keep a stiff upper lip and forge ahead confidently, even as oil prices remain stubbornly low.
BP, which reported a $3.3 billion loss for the period, and ExxonMobil, which reported a 58% decline in its profits, both pledged to keep their commitment to their dividends, which now yield 7.41% and 3.75%, respectively. Chevron, which reported its results a week earlier than its two rivals, lost $588 million in the fourth quarter, compared with a profit of $3.5 billion in the year-earlier period. Its yield is now 4.95%.
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