ExxonMobil will expand its share buyback programme to $50bn and lift capital spending, as the US supermajor continues to return huge profits to investors despite a political backlash.
In a new plan announced on Thursday, Exxon said it would spend $50bn over the next three years in buying back its own shares, an increase from the current $30bn programme that was due to end in 2023.
The oil industry’s earnings have surged this year after Russia’s invasion of Ukraine sent global crude and natural gas prices soaring, which producers have used to shower cash on shareholders after years of disappointing returns.
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