Dividend

Williams cut its quarterly dividend to 20 cents from 64 cents and outlined plans to strengthen its balance sheet and credit profile as it builds out large-scale infrastructure to capitalize on growing demand for natural gas.

BP plc shareholders staged a rare protest at the usually sedate annual meeting in London Thursday, roundly rejecting a decision to increase CEO Bob Dudley’s 2015 compensation by 20%, despite massive job cuts and record losses.

BP plc shareholders staged a rare protest at the usually sedate annual meeting in London Thursday, roundly rejecting a decision to increase CEO Bob Dudley’s 2015 compensation by 20%, despite massive job cuts and record losses.

National Oilwell Varco Inc. (NOV) expects first quarter revenues to be down 20% sequentially as market conditions continued to deteriorate from the fourth quarter. The company also reduced its quarterly dividend to 5 cents/share.

National Oilwell Varco Inc. (NOV) expects first quarter revenues to be down 20% sequentially as market conditions continued to deteriorate from the fourth quarter. The company also reduced its quarterly dividend to 5 cents/share.

In a sign of just how grim the commodity price environment has become — and how long it’s expected to last — ConocoPhillips cut its quarterly dividend for the first time in at least 25 years on Thursday, while also dropping 10 rigs and slashing capital expenditures (capex) for 2016 as it looks to maintain its balance sheet without racking up additional debt.

Noble Energy Inc. has begun this year with a capital spending budget of $1.5 billion, about half of its planned spending in 2015, the Houston independent said Tuesday.

Tulsa’s WPX Energy Inc. has added more natural gas and oil hedges to protect cash flows through 2017. About two-thirds of anticipated gas production in 2016 is hedged at $3.63/MMBtu. Close to 75% of its expected 2016 oil volumes, 29,380 b/d, are hedged at $60.85/bbl, including 2,000 b/d added since the end of September. For 2017, WPX has hedged 92,500 MMBtu of gas at $3.22 and 9,304 b/d of oil at $61.66. The onshore operator also has reduced its long-term debt by about 17% by repurchasing $68 million in notes of a $400 million maturity due in early 2017. The next debt maturity is in 2020. WPX said it “remains engaged in discussions with third parties” to sell its San Juan Basin gathering system and all or a portion of its Piceance Basin assets. The operator is scheduled to deliver its quarterly results on Feb. 25.

Kinder Morgan Inc.’s (KMI) dividend cut after market close Tuesday lifted shares in Wednesday’s trading. Some analysts and investors were relieved that KMI would retain its investment-grade credit rating and not be accessing unattractive equity markets to fund growth.