4 major oil companies, including Exxon and Chevron, borrow $15bn for share buybacks despite crude price decline and financial strain.
Four of the five major oil companies, including Exxon and Chevron, are borrowing to finance $15 billion in share buybacks, raising concerns over sustainability. With crude prices down 17% from this year's high and a projected 30% decline in cash flow, these companies face a 12% earnings dip, totaling around $24.4 billion for the quarter. The outlook for oil prices remains bearish, indicating ongoing financial strain for these firms.
October 28, 2024
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