The world’s largest oil and gas majors seek to lure back investors by returning more cash to shareholders. This comes when oil and gas companies are making the most money they have since the outbreak began. In the U.S., Exxon Mobil said last month it would back shareholder returns through its dividend, and Chevron announced it would resume share buybacks at an annual rate of between $2 billion to $3 billion. The U.K.’s BP ($BP@UK), Total Energies (OTCMKTS: $TOTZF) of France, and Norway’s Equinor ($EQNR@Norway), along with a slew of other European players, all announced share buyback programs or increased dividend payouts — or both. These moves reflect a broader industry trend of energy majors seeking to reassure investors of a more stable footing amid the ongoing Covid-19 crisis.
