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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.
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  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

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