March 6, 2021 Read More →

Dividend and buyback payments by supermajors top free cash flow by $29.4bn

The Kenya Star:

The world’s five largest private-sector oil and gas companies collectively spent $29.4 billion(Sh3.2 trillion) more on shareholder payouts than they generated from operations in 2020, according to a new report.

The five supermajors—ExxonMobil, Chevron BP, Total and Shell—generated $20.5 billion (Sh2.2 trillion) in free cash flow, according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). 

“These results spotlight a harsh reality,” said Trey Cowan, an IEEFA energy analyst and co-author of the report, “Investors can no longer count on the oil and gas supermajors to generate abundant, sustainable cash returns.” 

[Martin Mwita]

More: Oil supermajors make $20.5bn, pump $49.9bn to investors

Posted in: IEEFA In the News

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