US majors fnd common ground in shale

摘要

The US majors’ frst-quarter results were a study in contrast. But it is difcult to distinguish between the two companies when it comes to their US onshore shale operations and expansion plans. ExxonMobil’s strategy is diverging from that of Chevron, as it looks to step up spending in pursuit of proft, cash fow and output growth to 2025. The frm’s counter-cyclical approach, under chief executive Darren Woods, is intended to reset a behemoth that faces declining oil and natural gas production. But this is jarring shareholders, who are pressing for better immediate returns. ExxonMobil’s customary increase in its second-quarter dividend will be larger this year than in 2015-17. But the move has failed to mute calls to reward investors through a resumption of share buy-backs.