A windfall tax does not provide "incentive for increased production, which is really what the world needs today," said Exxon Chief Financial Officer Kathryn Mikells, in an interview with Reuters.
The companies say they are merely meeting consumer demand, and that prices are a function of global supply issues and lack of investment. The majors have been disciplined with their capital and are resisting ramping up capital expenditure due to pressure from investors who want better returns and resilience during a down cycle.
"In the short term goes to the balance sheet. There's no nowhere else for it to go," Chevron CFO Pierre Breber told Reuters. Worldwide oil output has been held back by a slow return of barrels to the market from the Organization of the Petroleum Exporting Countries and allies, including Russia, as well as labor and equipment shortages hampering a swifter increase in supply in places like the United States.
Exxon earlier this year more than doubled its projected buyback program to $30 billion through 2022 and 2023. Shell said it would buy back $6 billion in shares in the current quarter, while Chevron boosted its annual buyback plans to a range of $10 billion to $15 billion, up from $5 billion to $10 billion.Register now for FREE unlimited access to Reuters.
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U.S. oil giants Exxon, Chevron post blowout earnings, ramp up buybacksThe two largest U.S. oil companies, Exxon Mobil and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier. All four have ramped up share buybacks in recent months, capitalizing on high margins derived from selling oil and gas. Exxon outpaced its rivals with second-quarter net income of $17.9 billion, several billion dollars ahead of its previous record reached in 2012, which was aided by asset sales in Japan.
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U.S. oil giants Exxon, Chevron post blowout earnings, ramp up buybacksThe two largest U.S. oil companies, Exxon Mobil and Chevron Corp, posted record revenue on Friday, bolstered by surging crude oil and natural gas prices and following similar results for European giants a day earlier. All four have ramped up share buybacks in recent months, capitalizing on high margins derived from selling oil and gas. Exxon outpaced its rivals with second-quarter net income of $17.9 billion, several billion dollars ahead of its previous record reached in 2012, which was aided by asset sales in Japan.
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The world’s biggest oil companies start reporting second quarter profits this week. Here are three things to watch forThe world’s biggest oil companies begin reporting their second quarter profits this week, and it’s expected to be another multibillion dollar three-month haul for the majors. Good
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TotalEnergies Q2 profits surge and company announces more share buybacksTotalEnergies posted a surge in second-quarter profits, joining others in its sector which have benefited from higher energy prices, and announced more share buybacks for the third quarter.
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