Tag Archives: Exxon

Exxon Slaps Biden In Face, Redlines Share Buybacks To $50 Billion Through 2024, by Tyler Durden

The Biden Administration has done everything in its power to discourage oil and gas exploration and production, with predictable consequences. Now it wants to blame the oil companies for the shortfall and rising prices. From Tyler Durden at zerohedge.com:

The only thing the left hates more than stock buybacks and billionaires is the fossil fuel industry. On that note, we can picture Senator Elizabeth Warren spitting out her coffee as we speak…and we love it.

That’s because oil supermajor – and one of the best performing, cash gushing stocks over the last several years – Exxon, announced today it is expanding its share buyback program to $50 billion through 2024. 

The company outlined the statement on Thursday morning in an investor presentation, Bloomberg reported, citing the company’s “higher oil and natural gas prices” boosting the company’s earnings for the year. 

The addition tacks another $20 billion onto the company’s previous $30 billion plan for buybacks through 2023. The plan will now include $15 billion of repurchases this year, which would be the highest annual total since 2013, according to Bloomberg’s data. 

The company also set its capital budget for next year at about $24 billion, which comes in “near the top end” of the $20 billion to $25 billion range that was estimated. Bloomberg wrote in a wrapup this morning that “the plan is expected to help the company double earnings and cash flow potential by 2027 as compared with 2019” and laid out other key points from Exxon’s presentation, including the whopper that earnings and cash flow growth are expected to double by 2027:

  • Growing lower-emissions investments to ~$17b through 2027

  • Share-repurchase program expanded up to $50b through 2024

  • Expects to distribute about $30b to shareholders by year-end 2022

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‘Progressives’ strive to silence climate debate, George F. Will

Once in awhile, even a mainstream pundit like George Will gets it right. From Will, on a guest post at theburningplatform.com:

WASHINGTON – Authoritarianism, always latent in progressivism, is becoming explicit. Progressivism’s determination to regulate thought by regulating speech is apparent in the campaign by 20 state attorneys general, none Republican, to criminalize skepticism about the supposedly “settled” conclusions of climate science.

Four core tenets of progressivism are: First, history has a destination. Second, progressives uniquely discern it. (Barack Obama frequently declares things to be on or opposed to “the right side of history.”) Third, politics should be democratic but peripheral to governance, which is the responsibility of experts scientifically administering the regulatory state. Fourth, enlightened progressives should enforce limits on speech (witness IRS suppression of conservative advocacy groups) in order to prevent thinking unhelpful to history’s progressive unfolding.

Progressivism is already enforced on campuses by restrictions on speech that might produce what progressives consider retrograde intellectual diversity. Now, from the so-called party of science, aka Democrats, comes a campaign to criminalize debate about science.

“The debate is settled,” says Obama. “Climate change is a fact.” Indeed. The epithet “climate change deniers,” obviously coined to stigmatize skeptics as akin to Holocaust deniers, is designed to obscure something obvious: Of course the climate is changing; it never is not changing — neither before nor after the Medieval Warm Period (end of the ninth century to the 13th) and the Little Ice Age (1640s to 1690s), neither of which was caused by fossil fuels.

Today, debatable questions include: To what extent is human activity contributing to climate change? Are climate change models, many of which have generated projections refuted by events, suddenly reliable enough to predict the trajectory of change? Is change necessarily ominous because today’s climate is necessarily optimum? Are the costs, in money expended and freedom curtailed, of combating climate change less than the cost of adapting to it?

But these questions may not forever be debatable. The initial target of Democratic “scientific” silencers is ExxonMobil, which they hope to demonstrate misled investors and the public about climate change. There is, however, no limiting principle to restrain unprincipled people from punishing research entities, advocacy groups and individuals.

But it is difficult to establish what constitutes culpable “misleading” about climate science, of which a 2001 National Academy of Sciences report says: “Because there is considerable uncertainty in current understanding of how the climate system varies naturally and reacts to emissions of greenhouse gases and aerosols, current estimates of the magnitude of future warming should be regarded as tentative and subject to future adjustments (either upward or downward).” Did Al Gore “mislead” when he said seven years ago that computer modeling projected the Arctic to be ice-free during the summer in as few as five years?

To continue reading: ‘Progressives’ strive to silence climate debate