ExxonMobil, Chevron's big cash shows cheap gas isn’t coming back
Publishing timestamp: 2023-02-01 09:32:26
Summary
Chevron and ExxonMobil have both announced stock buybacks and dividend increases, as crude prices have climbed and energy earnings have surged. This is part of the industry's post-2020 playbook to satisfy investors who pushed energy stocks down in the past. The White House has criticized the companies for not restraining the price of gasoline, but the market and the companies have not taken this into account. U.S. oil production has rebounded and gas prices are being hit by a loss of refining capacity. Both companies are now focused on managing costs and returning rewards to shareholders.
Sentiment: NEUTRAL
Tickers: CVX, XOM, .SPX, TSLA,
Keywords: exxon mobil corp, dividends, chevron corp, tesla inc, s&p 500 index, business news, oil and gas, energy, united states,
Source: https://www.cnbc.com/2023/02/01/exxon-chevron-earnings-buybacks-show-cheap-gas-isnt-coming-back.html