Oil companies have recently announced an increase in share buyback programs, supported by the highest annual earnings the industry has ever made.
2022 profits and cash flows of energy companies came in at record highs.With lower expected free cash flows, companies will decide to cut back on share buybacks.
The 2022 profits and cash flows of the energy companies came in at record highs, but this year’s earnings are expected to be lower, albeit still high by historical standards. “A prolonged multi-year trend of buybacks increasing in Europe requires global growth recovery which will help earnings,” Bank of America’s quantitative strategist Paulina Strzelinska told Bloomberg. Energy sector buybacks could be vulnerable to sudden halts in the repurchase programs if the economy takes a turn for the worse. Per Bloomberg Intelligence, energy companies in Europe splurged a total of $43.6 billion on share buybacks in 2022.
Just two years and a Russian invasion of Ukraine later, Big Oil smashed earnings records with the combined net profits of Exxon, Chevron, BP, Shell, Equinor, and TotalEnergies Shell reported record adjusted earnings at for 2022, double the earnings from 2021. The UK-based supermajor also announced a 15% dividend increase for the fourth quarter, as well as $4 billion in share buybacks, which are expected to be completed by the Q1 2023 results announcement in early May. and announced a further $2.
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