Lower profits at US oil giants still mighty enough for big investor payouts
==========
ExxonMobil and Chevron reported lower but still strong profits in the fourth quarter of 2023. ExxonMobil's fourth-quarter profits were $7.6 billion, down 40% from the previous year, while Chevron's profits were $2.3 billion, down 65%. However, both companies had mammoth full-year earnings, with ExxonMobil earning $36 billion and Chevron earning $21.4 billion. The lower profits were attributed to lower commodity prices, especially for natural gas. Despite the dip in profits, both companies are still able to provide significant increases in dividends and share buybacks. ExxonMobil returned $32.4 billion to shareholders in 2023, while Chevron saw an 18% jump in payouts to $26 billion. ExxonMobil expects its $60 billion takeover of shale producer Pioneer Natural Resources to close in the second quarter. Chevron's $53 billion acquisition of Hess is also on track. Both companies have seen growth in the Permian Basin and faced regulatory challenges in California. ExxonMobil shares have recovered after a difficult period a few years ago, while Chevron's shares rose 2.5% after the earnings report.
#UsOilGiants #Profits #InvestorPayouts #Exxonmobil #Chevron
https://www.tuko.co.ke/business-economy/536651-lower-profits-oil-giants-mighty-big-investor-payouts/
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2024-02-02 20:49:25
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2024-02-02 20:49:25Event JSON
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"content": "Lower profits at US oil giants still mighty enough for big investor payouts\n==========\n\nExxonMobil and Chevron reported lower but still strong profits in the fourth quarter of 2023. ExxonMobil's fourth-quarter profits were $7.6 billion, down 40% from the previous year, while Chevron's profits were $2.3 billion, down 65%. However, both companies had mammoth full-year earnings, with ExxonMobil earning $36 billion and Chevron earning $21.4 billion. The lower profits were attributed to lower commodity prices, especially for natural gas. Despite the dip in profits, both companies are still able to provide significant increases in dividends and share buybacks. ExxonMobil returned $32.4 billion to shareholders in 2023, while Chevron saw an 18% jump in payouts to $26 billion. ExxonMobil expects its $60 billion takeover of shale producer Pioneer Natural Resources to close in the second quarter. Chevron's $53 billion acquisition of Hess is also on track. Both companies have seen growth in the Permian Basin and faced regulatory challenges in California. ExxonMobil shares have recovered after a difficult period a few years ago, while Chevron's shares rose 2.5% after the earnings report.\n\n#UsOilGiants #Profits #InvestorPayouts #Exxonmobil #Chevron\n\nhttps://www.tuko.co.ke/business-economy/536651-lower-profits-oil-giants-mighty-big-investor-payouts/",
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