Exxon, Chevron Wow Wall Street With Permian-Fueled Gains
- Chevron announces open-ended $25 billion share-buyback program
- Exxon foresees 16% boost in annual spending to $30 billion
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Soaring production in North America’s most prolific oil field helped propel Exxon Mobil Corp. and Chevron Corp. to bigger-than-expected fourth-quarter profits.
Chevron surprised analysts and investors with a $25-billion stock buyback pledge and shares for both explorers were among the day’s best-performing energy stocks.