Exxon XOM -1.28% Mobil Corp. said Friday it collected $5.5 billion in first-quarter profit, more than double the same period last year. The U.S. oil giant said it would triple its share repurchases, but will keep oil-field spending at a modest pace.
Chevron Corp. CVX -2.42% , the second-largest U.S. oil company after Exxon, on Friday said it made $6.3 billion in quarterly profit, its highest in almost a decade and up from about $1.4 billion in the same period last year. The company has paid out $4 billion to investors in dividends and share repurchases this year.
France’s TotalEnergies TTE -0.27% reported $4.9 billion in profit on Thursday, and said it could double its share buybacks this quarter.
This looks great. Despite write-offs for Russia, earnings are still up and we are seeing free cash flow that has not been seen for almost ten years. Massive buybacks, nearly 10% of the market cap in XOM's case. They are also maintaining discipline when it comes to new production. The tail wind behind the O&G industry looks fantastic for the upcoming quarters.
I cannot wait for the Canadian companies to report.
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