Big Oil firms are handing shareholders more money than ever and are promising more going forward in an attempt to reassure investors of their discipline and resilience in the face of an uncertain outlook for fossil fuels.
The top five Western oil and gas firms – BP, Chevron, Exxon Mobil, Shell and TotalEnergies – returned to shareholders over $111 billion in dividends and share repurchases in 2023, according to Reuters calculation.
That was slightly higher than the $110 billion they returned in 2022, when the group’s profits soared to a record $196 billion after energy prices soared following Russia’s invasion of Ukraine. Net profits dropped sharply in 2023 to $123 billion.—Reuters
