Skip to main content

Exxonmobil increased share buyback.

Exxon mobil share buy back

 Exxon said it would spend $50bn in the three years to 2024 buying back its own shares, an increase from a $30bn programme set to end next year. Joe Biden has criticised Exxon and other oil companies, telling them in October that they «should not be using profits to buy back stock or for dividends . » The company will spend between $23bn and $25bn on energy projects next year, up from about $22bn this year. Exxon has raised its spending on low-carbon projects to $17bn from now until 2027, up from $15bn.


The projects will focus on carbon capture and storage, as well as biofuels and hydrogen. Rival Chevron said that it would increase spending 25 per cent next year to about $17bn, including $2bn on its lower-carbon business. Exxon said in 2019 that it planned to spend $30bn-$35bn a year on its business while Chevron had planned annual spending of roughly $19bn-$22bn. The bulk of Exxon’s spending will go towards oil and gas projects in the Permian shale basin in the US, deepwater projects in Guyana and Brazil, and new liquefied natural gas ventures.

The company said it would increase total output 14 per cent from 3.7mn barrels of oil equivalent a day this year to 4.2mn boe/d by 2027. The rise in spending is being made as oil prices have retrenched in recent weeks over fears that an economic slowdown will sap energy demand. Brent crude was trading at about $78 per barrel yesterday, down 20 per cent over the past month and roughly level with where it opened the year, a big reversal after reaching near-record highs a few months ago. Trading houses have been among the biggest beneficiaries of an energy crisis that has roiled the world economy.
Labels:

Comments

  1. Daniel9 December 2022 at 16:35

    Joe Biden should have done more than just criticize Exxon and other oil companies. Sometimes it seems like Biden is actually working for or with them. If he and others really wanted to make these things sting they would adopt measures to discourage such actions especially now with all that's going on.

    ReplyDelete
    Replies
    1. Perry9 December 2022 at 17:24

      Exactly! Those are just words. Until I see some action I don't believe one word. Instead of investing much more in low-carbon projects, they invest so much in buying back its own shares.

      Delete

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

India- UK trade deal.

  According to India's top trade official, talks with the UK regarding a trade agreement are progressing well, despite obstacles related to temporary work visas and the opening up industries like automotive and spirits. The Commerce and Industry Minister, Piyush Goyal, explained that India is seeking transition periods or greater market access in specific sectors due to its economy, which is slightly larger than the UK's and expected to outgrow it in the coming decades. If a trade deal is reached, it would be one of the most significant agreements for Britain since leaving the EU, and it would also be necessary for India, which surpassed the UK as the fifth-largest economy last year. Goyal stated that India aims to increase its economy from $3.5tn to $35tn by 2047, the country's centenary of independence. According to officials and diplomats in India, talks about a proposed trade deal may be finished by early September, just in time for the G20 summit in New Delhi. Nigel Hu...
Post a Comment
Read more