These High-Yielding Energy Stocks Are Cutting Deeply to Preserve Their Dividends

The market meltdown from the global impact of the COVID-19 outbreak has forced companies to alter their plans dramatically. The energy sector has been among those walloped by the pandemic. Not only has it impacted oil demand, but a supply shock also blindsided the industry after OPEC's market support deal with Russia collapsed, causing a price war at a time that demand is falling off a cliff.

With oil prices and consumption cratering, energy companies are slashing spending. While several have already had to reduce their dividends to stay afloat, others are working hard to preserve their lucrative shareholder payouts by cutting deeply into other spending categories.

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Source Fool.com