. The stock fell almost 4% in pre-market U.S. trading.
The five so-called supermajors are swimming in cash after a record 2022 but pressure is mounting on executive teams to satisfy competing demands: investor appetite for bigger payouts and buybacks versus political outrage over windfall profits during a time of war and economic dislocation. Exxon expanded buybacks multiple times last year and already has signaled its intention to repurchase $50 billion of stock through 2024.There are also signs that Wall Street, after a long hiatus, is once again keen to see oil explorers increasing crude output. Chevron executives faced multiple questions about growth plans last week, and several analysts noted their disappointment at the California-based company’s outlook for a flat-to-3% increase this year.
PriceGouging. Thank's, Big Oil.
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