In short: Listed among the European integrateds that cut dividends in COVID — less financially resilient than the US majors.
Repsol, the Spanish oil major, is named in the same breath as the other European integrateds that cut dividends during COVID.
Like the others, it serves as an example of the less financially resilient European group rather than a stock he's endorsing.
59:40If you go to COVID, the price of oil went negative. Exxon, Chevron, ConocoPhillips, and even the high-quality large-cap E&Ps paid that dividend. The Europeans integrateds, they weren't built for it. — What do you mean? So, think about Shell, BP, Total, Repsol, Eni. They cut dividends during COVID. — not as well-run as the Americans.
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