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Analysis of the Leading Oil and Gas Companies’ Investment and Dividend Policy
This paper is devoted to the analysis of investment and dividend policy of four top integrated oil and gas companies. For this purpose 4 american and european companies were selected, which are Chevron, Exxon Mobil, Total SA and Royal Dutch Shell. Throughout the period of 2006-2016 3 financial indicators were precisely analyzed to find out whether there is a tendency in investment and dividend policy, determined by the changes in oil prices. The key result of the analysis is that the selected companies adjust their capital expenditures to price fluctuations, but dividend policy is dependent to a greater extent on shareholders' preferences.