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.
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