Bloomberg article discussing oil companies returning cash to shareholders. (Possible paywall)
Summary:
In 2023, major oil companies—Exxon Mobil Corp., Chevron Corp., Shell Plc, TotalEnergies SE, and BP Plc—collectively distributed a record $113.8 billion to shareholders through dividends and share buybacks. This substantial payout occurred despite a decline in crude oil prices during the year.
The significant returns to shareholders were facilitated by the companies’ robust financial performance, which allowed them to reward investors even amid fluctuating oil prices. However, this trend has attracted scrutiny from various stakeholders, including political figures, who question the prioritization of shareholder returns over investments in renewable energy and other initiatives.
In summary, despite a downturn in crude prices, leading oil companies achieved record-high shareholder distributions in 2023, underscoring their strong financial positions and the ongoing debate over capital allocation priorities within the industry.
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