Big Oil Needs to Borrow to Finance Own Share Buybacks - Oil majors have been reporting lower Q3 profits, suggesting that the era of windfall revenues is coming to an end, with the average quarter-on-quarter dip for the five leading companies averaging 12%. - ExxonMobil, Chevron, Shell, TotalEnergies, and BP will earn a combined $24.4 billion in Q3, which leaves all companies except Shell unable to cover their dividends and share buybacks with free cash flow. - The need to borrow in order to cover buybacks isn’t necessarily a problem for US…
