As prices crashed, the supermajors resorted to one of the last tools they have before starting to potentially consider the painful idea of cutting dividends, taking on more debt International oil majors reacted within days to one of the biggest and fastest oil price collapses in recent history. All slashed capital expenditure (capex) guidance, vowed to reduce operating costs, and suspended share buybacks. But that wasn’t enough. So the supermajors resorted to one of the last tools they have before starting to potentially consider the painful idea of cutting dividends. This tool is tapping the bond markets for money to plug cash shortfalls at $30 oil. Total, Royal Dutch Shell, Equinor, and OMV of Austria raised a combined more than $10 billion on the bond markets this week alone, according to Reuters estimates. Norway’s Equinor alone raised $5 billion in fresh debt to reduce the adverse impact of the […]