Exxon and . announced“Chevron” And “Shell” Plc and “TotalEnergies SE”, during the past week, reported record profits.
All companies expanded their share buybacks except for Exxon, which tripled its buybacks earlier in the year.
What is happening is a stark reversal of most of the past decade when the energy sector was squeezed by a focus on megaprojects, dismal financial performance, and a failure to drive an energy transition away from fossil fuels.
Exxon is perhaps the best example of bringing about a shift away from fossil fuels. One year ago, its three largest investors inflicted a devastating defeat on the board by electing three new directors after a brutal campaign by the hedge fund known as the “Number One Engine”.
After that, the American oil giant kept capital spending at historically low levels, and cut costs, which put it in a good position to reap the benefits of rising Goods’ prices the basic. Exxon shares have risen 58 percent since the beginning of 2022.
Woods said his plan to boost production, which investors and environmentalists criticized when it was announced in 2018, is now paying off because it has built cash-generating assets. He added, “I was under a lot of pressure because of this, and criticism, to spend this money up front… I think that was the right strategy.”
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