EXXONMOBIL has expanded its share repurchase programme from $30 billion to $50 billion through to 2024 and expects to buy back $15 billion in stock this year, ignoring a growing political backlash over superprofits during a war. For several months, US President Joe Biden has criticised the oil and gas industry for profiting from the war in Ukraine as the world has spiralled into an energy crisis that has also fed inflation. Biden has urged companies to focus more on their customers suffering and less on the gains of their shareholders. In its new corporate plan, the US supermajor touted expectations for earnings potential to double by 2027 compared with 2019 levels and reiterated its intention to use this success to expand the stock repurchasing programme and the annual dividend. The company said it will distribute about $30 billion to shareholders this year, with $15 billion from stock repurchases and $15 billion from dividends. While ExxonMobil plans to keep capital investments at their expected $20 billion to $25 billion through to 2027, it does plan to increase production in the next five years. Upstream output is expected to grow by 500,000 barrels of oil equivalent per day to 4.2 million per day by 2027.
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