Exxon slashes share buybacks to 14-year low
Washington
EXXON Mobil put investors on notice that it's scaling back measures to prop up the share price as shrinking production and tumbling crude prices squeeze cash flow needed to fund drilling and dividend payouts.
Exxon cut share repurchases for the current quarter to a 14-year low on Monday after oil and natural gas output declined more than expected. Its US refineries lost US$1 million and cash flow tumbled 36 per cent company-wide. Production from Exxon's wells dropped to the lowest fourth-quarter average since the Mobil merger in 1999.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Indonesia's PGN, Freeport sign gas supply deal for smelter
Maersk says Red Sea disruption will cut capacity by 15-20% in Q2
China’s Sinopec in talks for gas offtake, stake in Canada’s Cedar LNG
Coffee variety is priciest since 1970s in blow to instant brews
Gold dips as US dollar edges higher, investors seek more Fed cues
Saudi Arabia posts budget deficit of US$3.3 billion in first quarter