Oil-related equities face a headwind next year, according to analysts at Citi: excess spare capacity.
Exxon Mobil on Wednesday forecast production of 3.8 million barrels of oil equivalent per day (boepd) in 2024, as the top U.S. oil producer bets on a lift from Permian basin and Guyana. The company said it would increase the pace of share repurchases to $20 billion per year from the closing of its Pioneer deal through 2025. Exxon said it expects $6 billion in additional cost savings by 2027.
(Bloomberg) -- Exxon Mobil Corp. plans to raise share buybacks as the oil giant accelerates crude production in the US Permian Basin, boosted by its $60 billion acquisition of Pioneer Natural Resources Co. Most Read from BloombergBiden Says He Might Not Have Sought Reelection If Trump Weren’t RunningTreasury Frenzy Drives 10-Year Yield Below 4.2%: Markets WrapTruck-Stop Billionaire Fights Warren Buffett to Increase $18 Billion Fortune India Stock Value Tops $4 Trillion, Narrowing Gap With Hong K