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Dividend investors had better beware as they look for top stocks in the oil industry. Some former dividend darlings have responded to the oil price collapse by mercilessly slashing their payouts. Occidental Petroleum just cut its dividend by 86%. Apache, an exploration and production (E&P) company, went even further, cutting its dividend by 90%!
It's not a question of whether there are more cuts coming in the sector, but which company will be next.
Oil industry stocks have been hammered, which has increased dividend yields. But are the payouts safe? Image source: Getty Images.