Exxon Lifts Share Buyback to $50 Billion After Record Profit
- Second time the Texas oil giant has lifted buyback this year
- Capital budget for 2023 at upper end of $20-$25 billion range
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Exxon Mobil Corp. raised its annual share buyback by about 10%, six weeks after the oil giant posted its highest profit in its 152-year history.
Exxon will now repurchase $50 billion of stock through 2024, expanding its previous plan of $30 billion through 2023, the Irving, Texas-based company said in a statement. The buyback will now include $15 billion of share repurchases this year, which would be the highest annual total since 2013, according to data compiled by Bloomberg.