World Oil HOUSTON (Bloomberg) –Exxon Mobil Corp. and Chevron Corp. are plowing windfall profits into share buybacks as soaring energy prices boost their cash flow. Exxon will revive repurchases for the first time since 2016. The company said Friday it plans to spend as much as $10 billion on repurchases starting next year. Chevron is considering an expansion of its
CNBC Chevron Chairman and CEO Mike Wirth told CNBC on Wednesday the oil company’s lower-carbon investments focus on areas such as renewable natural gas and hydrogen because it sees significant potential to create shareholder value. “One of the things we’ve chosen not to go into is wind and solar,” Wirth said in a “Mad Money” interview. “These are technologies that are relatively mature.
ConocoPhillips (NYSE: COP) today reported first-quarter 2021 earnings of $1.0 billion, …
CNBC LONDON — British energy major BP on Tuesday reported better-than-expected earnings for the first quarter, following a period of stronger commodity prices and a brighter demand outlook. It comes as oil and gas majors seek to prove to investors that they have gained a more stable footing amid the ongoing coronavirus crisis. BP’s first-quarter underlying replacement cost profit, used as a proxy
Reuters ConocoPhillips said on Wednesday it has resumed its share buyback program and pledged to keep spending flat even as oil prices climbed, the latest U.S. energy firm to embrace investor returns over production growth. Despite the uptick in crude prices, oil companies are expected to largely limit spending to marginally higher as investors reward companies showing capital discipline after
Reuters ConocoPhillips COP.N on Wednesday forecast a smaller-than-expected quarterly adjusted loss and said it would resume buying back its shares after a historic collapse in crude prices forced the U.S. oil and gas producer to halt the program in April. Oil companies were forced to slash dividends, halt buybacks and curtail production earlier this year as the COIVD-19 crisis hammered energy demand,
Forbes After the oil industry’s worst quarter in history, companies are taking a variety of approaches towards their finances, and getting a variety of advice and criticism from the pundits and media. Saudi Aramco’s decision to maintain its dividend has been called in question, as the Wall Street Journal’s Rochelle Toplensky notes that dividend discipline might not be enough to make
CNBC Saudi Aramco maintained its pledge to make good on its dividend payments, saying Thursday that it would mobilize cash and debt to fulfill the $18.75 billion payouts for the first quarter of this year despite taking a hit from the coronavirus pandemic and lower oil prices. “It will be a combination of both,” Aramco CEO Amin Nasser told press during
Reuters LONDON/HOUSTON – Investors already braced for poor first-quarter earnings from major oil and gas companies next week will focus on how executives plan to save cash and whether they will cut dividends following the collapse in oil prices. The five biggest U.S. and European firms, known as the Oil Majors, have announced spending cuts averaging 23% in a rapid
Reuters Occidental Petroleum said on Wednesday billionaire Warren Buffett’s Berkshire Hathaway Inc had agreed to accept common shares of the oil producer instead of cash dividends for preferred stock. Berkshire last year bought $10 billion worth of Occidental’s preferred shares to help finance its acquisition of Anadarko Petroleum. Berkshire plans to sell the common shares, Occidental said in a regulatory
Oil and Gas 360 Calgary, Alberta and Houston, Texas– PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (“PetroTal” or the “Company“) is pleased to announce that the Company’s board of directors has declared an interim dividend in respect of the common shares in the capital of PetroTal (the “Common Shares”) to shareholders of record at the close of business on December 20,
From Reuters Canadian oil producers are raking in the highest revenues in five years thanks to strong global oil prices and Alberta’s production cuts, but government intervention has hamstrung their spending abilities, encouraging many to buy back shares and pay down debt. Canada’s main crude-producing province effectively became a mini-OPEC this year after the Alberta government imposed production quotas to
