Outrageous: Exxon Mobil, Chevron, Shell and TotalEnergies produced a combined profit of $51 billion, returned a total of $23 billion to shareholders in the second quarter in dividends and share repurchases!
Big Oil has never had it so good, and its immediate priority is rewarding shareholders. The world's largest energy companies, including TotalEnergies (TTEF.PA), Exxon Mobil (XOM.N) and Chevron (CVX.N) are ramping up buyback programmes despite criticism that they are not moving swiftly enough to increase oil and gas output as high fuel prices pinch consumers worldwide. Exxon Mobil, Chevron, Shell (SHEL.L) and TotalEnergies produced a combined profit of $51 billion, with Exxon topping the pile at $18 billion. BP is set to report next Tuesday. That money is increasingly going into shareholder buybacks, which are frequently criticised by investor advocates as a less desirable use of funds than business investment. Exxon, Chevron, Shell and Total returned a total of $23 billion to shareholders in the second quarter in dividends and share repurchases, based on Reuters calculations. Full report: https://www.reuters.com/business/energy/big-oils-q2-profits-hit-record-...