Big Oil Keeping its Capital Discipline Pledge

SUGAR LAND, TEXAS--June 15, 2021--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--They took the pledge and, so far, they're keeping it. Oil companies, stung in recent years by various reversals, including low crude oil prices and widespread demand destruction stemming from last year's COVID-19 pandemic, promised investors that when crude oil prices rose again, they would spend the incremental cash flow on debt repayment and increased dividends. They promised they would not repeat the mistakes of the past by using surplus cash to pursue costly prestige projects, buy other companies or get enmeshed in bidding wars for new acreage.

Within this article: Reduced capital expenditures by companies like Royal Dutch Shell Plc (NYSE:RDS.A), Chevron (NYSE:CVX), BP Plc (NYSE:BP) and ExxonMobil Corporation (NYSE:XOM)