Five oil companies will give New Year gift to shareholders, will distribute more than 100 billion dollars
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London (Uttam Hindu News): The world’s five biggest listed oil companies are expected to reward their investors with a record payout of more than $100 million for 2023, amid growing public anger over fossil fuel profits. This was said in a media report. According to the Institute for Energy Economics and Financial Analysis (IEEFA), the five ‘super-majors’ – BP, Shell, Chevron, ExxonMobil and TotalEnergies – will give shareholders $104 billion in dividend payments and share buybacks in the 2022 calendar year, according to the report. Gave a gift.
The bumper payouts followed a year of record profits for big oil and gas companies after Russia’s invasion of Ukraine sent global energy markets into a tailspin, sending the international price of Brent crude soaring and gas prices across Europe. Record increase.
IEEFA financial analysts said companies are likely to pay even higher shareholder distributions this year despite falling profits due to falling commodity market prices. The payments will also be made after a year that is expected to be warmer than any year on record, with the climate emergency causing a series of extreme weather events.
Trey Cowan, an analyst at IEEFA, said: “Given the current pace of distributions through share buybacks and dividends, these five super-majors could set a record for distributions to shareholders in 2023, well ahead of their spending during the 2022 calendar year.” This will be more than the $104 billion made earlier.”
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