Chevron said it will triple its buyback budget to $75 billion due to higher profits (File photo, Reuters)

[Financial Channel/Comprehensive Report] The profits of the oil industry soared, and oil giants have increased their buybacks of their own stocks. Chevron (CVX.N) said on Wednesday that due to rising oil and natural gas prices and increased profits, it will buy back its budget Tripling to $75 billion (about NT$2.27 trillion), this is by far the most ambitious shareholder payout in the oil industry.

ExxonMobil (XOM.N) last month increased its buyback program to US$50 billion (about NT$1.52 trillion) through 2024, after leading shareholder returns among oil majors last year, Reuters reported.

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Chevron disclosed a 6% increase in share buybacks and quarterly shareholder dividends, indicating that it will distribute a substantial portion of those profits to shareholders; no timetable has been set for the timing of the buybacks.

Chevron on Friday is expected to report a doubling of profit to $37.2 billion in 2022, according to Refinitiv estimates; NT$515.1 billion), an increase of US$2 billion (approximately NT$60.6 billion).

Analysts predict that Chevron and ExxonMobil are expected to record a combined annual profit of nearly US$100 billion (about NT$3.30 trillion) in 2022.

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