The only thing the left hates more than stock buybacks and billionaires is the fossil fuel industry. On that note, we can picture Senator Elizabeth Warren spitting out her coffee as we speak…and we love it.
That’s because oil supermajor – and one of the best performing, cash gushing stocks over the last several years – Exxon, announced today it is expanding its share buyback program to $50 billion through 2024.
The company outlined the statement on Thursday morning in an investor presentation, Bloomberg reported, citing the company’s “higher oil and natural gas prices” boosting the company’s earnings for the year.
The addition tacks another $20 billion onto the company’s previous $30 billion plan for buybacks through 2023. The plan will now include $15 billion of repurchases this year, which would be the highest annual total since 2013, according to Bloomberg’s data.
The company also set its capital budget for next year at about $24 billion, which comes in “near the top end” of the $20 billion to $25 billion range that was estimated. Bloomberg wrote in a wrapup this morning that “the plan is expected to help the company double earnings and cash flow potential by 2027 as compared with 2019” and laid out other key points from Exxon’s presentation, including the whopper that earnings and cash flow growth are expected to double by 2027: more
Hey, ya’ll remember that Highest Bidder Biddening yesterday?
Well guess what . . .
Tutrns out there is another bidding war going on tight now at this time.
Money Grubbers are Bidding to see whom gets to sit on some special seats in some special Court on some Special Island to suss out Where’s The Beef and other All You Can Eat items of financial gastronomical orders.
The Winners get to Divvy Up The Loot they can still find floating on FlotSams Paradise waters.
And the govt still makes more off a gallon of gas than the oil companies.
Berkshire Hathaway makes much more profit than Exxon, I don’t hear the Dems complaining about them.
Jackass Joe sez: Our greed is holier than yer greed!
Correction:
Jackass Joe sez: Our greed is holier than yer desire to make a profit!
Big oil is selling more oil OUTSIDE of America now because of Biden’s ignorant plan to punish Americans for his Green Wet Dream Agenda.
They don’t teach economics in leftist WOKE college degrees. You can’t fix stupid.