LONDON : Big Oil has never had it so good, and its immediate priority is rewarding shareholders.
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.Companies are prioritising returning cash to investors rather than investing in new oil and gas production, and keeping their eye on capital discipline and the long-term shift to low carbon energy.
Exxon aims to repurchase $30 billion of shares through 2022 and 2023. Shell said it would buy back $6 billion in shares in the current quarter after buying $8.5 billion in the first half.
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