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Big Oil profits lag behind oil price rally

Oil majors posted weaker-than-expected second-quarter earnings and signaled a continued resistance to boosting spending and shareholder returns as they struggle to fully recover from the downturn. ExxonMobil, Chevron, Royal Dutch Shell, Total and BP should generate about $90 billion in combined free cash flow this year and next, but only about $15 billion of that is projected to go toward share buybacks.

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