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Big Oil Is Pumping Cash as If $100 Oil Has Already Arrived

  • Free cash flow highest since 2008 for the five supermajors
  • Industry’s lower spending means more money for investors
Updated on

The world’s oil supermajors are pumping out cash as if crude was already trading at $100 a barrel.

BP Plc, Shell Plc, TotalEnergies SE, Exxon Mobil Corp. and Chevron Corp. just generated the highest free cash flow since the start of 2008 -- when oil first climbed above $100 a barrel. Crude isn’t that high yet, but spending is much lower, meaning there’s more money to return to investors.