汇丰银行-全球-石油与天然气行业-主要整装油企业：股票回购的增值能力-523-35页.pdf

major integrated oils. In its “cleanest” form – the US majors – it is reflected in a 37-year

unbroken record of dividend growth for Exxon, and 32 years for Chevron. Given the long-term

nature of their businesses, and particularly the relative inflexibility of much of their capex in the

short term, this makes managing crude price downturns a key issue.

For the US majors, with their typically lower dividend payouts vs their European peers, the

response to the last crude price downturn was simply to slow DPS growth significantly – to only

marginal growth in Chevron’s case.

For the Europeans, the response varied. ENI and Repsol were forced to cut their DPS in

domestic currency terms. Total’s DPS was not cut in domestic currency terms, but fell by over

15% in 2015 as a result of the USD’s surge, while Equinor’s fell by at least as much in the same