Big Oil Is Planning $38 Billion In Buybacks This Year
Big Oil Is Planning $38 Billion In Buybacks This Year
With WTI at over $107 per barrel, and Brent at $111, energy stocks are setting record highs and buybacks are in the air.
Bloomberg reports that a minimum of 21 major North American energy companies engaged in stock buybacks in Q4 2021, and that buybacks continue to gain significant momentum as Russia’s invasion of Ukraine escalates.
In total, analysts expected big oil to conclude $38 billion in share buybacks this year, and possibly more, with all seven oil supermajors pursuing the return to shareholders based on bumper profits.
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