Exxon, BP with Record Profits, Again

That, of course, is neither here nor there (nor unexpected).

But...one keeps reading stories that exploration projects, especially big-rig stuff, is likely to be canceled, now that oil is at $60-$70.

So, the question persists.

Why does Exxon continue to pay a dividend? BP? Shouldn't they be saving all the cash they can for "lean times"?

I mean, isn't that an argument that companies, even the strongest and best capitalized, are short-term oriented and there is a role for those "investors" with a longer-term perspective, like the USG, the American populace?

Unless...unless...they are well calibrated and have all the cash they need to fund the entire industry's wildest exploration desires, if they wanted. In which case, ... well, one may want to keep an eye on exploration companies, despite any softening in day rates, yes?

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