Exxon, Chevron Eye Billions in Buybacks as Cash Flows Surge
- Chevron profit beats even most optimistic Wall Street estimate
- Exxon is reviving share repurchases after half-decade hiatus
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Exxon Mobil Corp. and Chevron Corp. are plowing windfall profits into share buybacks as soaring energy prices boost cash flows.
Exxon will revive repurchases for the first time since 2016, spending as much as $10 billion from next year in a move that surprised analysts. Chevron is considering an expansion of its buyback program after surging natural gas prices and oil-refining returns drove free cash flow to an all-time high in the last quarter. Shares of both companies climbed.