Exxon, Chevron Punished by Shareholders as Profits Disappoint
- Exxon cuts full-year production target, downplays change
- Chevron resumes buybacks while Exxon holds on to cash
This article is for subscribers only.
Big Oil investors showed Friday they’re not much interested in grand investment projects for the future. It’s all about putting money back in their pockets now.
Exxon Mobil Corp. and Chevron Corp. followed divergent paths in reporting second-quarter earnings, and investors took note. They gave a nod of approval to Chevron’s $3 billion stock buyback announcement, and punished Exxon for reporting inferior results with no plans for a payout by wiping $11 billion off its market value.