Massive oil companies are producing their largest cash flows in years and heeding investor calls to return it to shareholders in its place of using it to drill.
The two largest U.S. oil companies, Exxon Mobil Corp. and Chevron Corp. , reported on Friday their most worthwhile quarterly earnings since sooner than the onset of the worldwide pandemic. Exxon reported earnings of $6.8 billion, its most interesting quarterly effectivity since 2017, and said it’d launch a $10 billion share buyback program starting subsequent 12 months. Chevron reported $6 billion in web earnings, its most interesting quarter since 2013, and said it generated $6.7 billion in free cash transfer, its most ever.
https://www.wsj.com/articles/big-oil-companies-amass-cash-as-crude-tops-80-a-barrel-11635509493?mod=pls_whats_news_us_business_f | Exxon, Chevron Amass Cash as Oil Tops $80 a Barrel