Western oil and gas majors are on course to buy back shares at near record levels this year as they seek to win investor confidence by boosting returns.
The seven supermajors — BP, Shell, ExxonMobil, Chevron, TotalEnergies, Eni and Equinor — are poised to return $38bn to shareholders through buyback programmes this year, according to data from Bernstein Research. Investment bank RBC Capital Markets puts the total figure even higher at $41bn.
That would be almost double the $21bn in buybacks completed in 2014 when oil last traded above $100 a barrel and the highest level since 2008 when their total buybacks topped $46bn driven by a huge share purchasing scheme at Exxon.
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