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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