Exxon, Chevron Preach Prudence Even as Cash Waterfall Returns
- Refining business still challenged by aftermath of demand drop
- Chevron’s stock punished by investors expecting share buybacks
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Exxon Mobil Corp. and Chevron Corp. added momentum to a nascent recovery in the U.S. oil industry as they reported bumper cash flow, a dramatic improvement after a torrid 2020.
The energy giants generated enough cash to cover dividends, debt payments and project spending in the first quarter, the first time they’ve managed to do that in more than a year.