Chevron and Exxon Mobil Corp. exceeded analysts' profit expectations in the third quarter, driven by increased oil production from the Permian Basin, which helped mitigate the impact of declining crude prices. Chevron's profit surpassed estimates by 11 cents, while Exxon's exceeded expectations by a nickel, contrasting with mixed results from European competitors like Shell, TotalEnergies, and BP.
Weaker crude prices and refining margins are pushing four of the five supermajor oil companies to borrow funds for $15 billion in share buybacks this quarter, raising concerns about the sustainability of these payouts. Exxon Mobil, Chevron, TotalEnergies, and BP are projected to see a 12% decline in earnings, totaling $24.4 billion, leaving them unable to cover dividends and buybacks with free cash flow, which is expected to drop by 30% year-over-year. Only Shell is expected to manage its payouts without borrowing.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
