Exxon Boosts Buybacks 14% as Hunt for More Oil Accelerates
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Exxon Mobil Corp. plans to raise share buybacks 14% as the oil giant accelerates crude production in the US Permian Basin, boosted by its $60 billion acquisition of Pioneer Natural Resources Co.
Exxon will repurchase $20 billion of stock next year, the Spring, Texas-based company said in a statement Wednesday. That matches arch rival Chevron Corp., which pledged to lift buybacks after agreeing to buy Hess Corp. for $53 billion in late October.