Exxon, Chevron Ramp Up Stock Buybacks as Energy Prices Surge
- Exxon triples share buyback to $30 billion through end of 2023
- Overseas oil-refining units pinched by soaring crude costs
Photographer: Daniel Acker/Bloomberg
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Exxon Mobil Corp. and Chevron Corp. pledged to ramp up shareholder returns as crude oil and natural gas prices surged to multi-year highs following Russia’s invasion of Ukraine.
Despite pleas from politicians to ease the burden on consumers, the biggest U.S. oil explorers are focused on rewarding investors while keeping drilling budgets in check. Exxon tripled its share- buyback program to $30 billion and Chevron said it will repurchase a record $10 billion of stock before the end of this year.