Big Oil’s Production Keeps Soaring Despite Deep Spending Cuts

Some of the world’s largest oil and gas companies have adopted a new modus operandi ever since the historic oil price crash of 2020 devastated energy companies, prioritizing returning more cash to shareholders while expansion plans have been put on the back burner.

Indeed, over the past five years, Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), British Petroleum (NYSE:BP), Shell (NYSE:SHEL) and TotalEnergies (NYSE:TTE) have collectively spent more than $100 billion annually in dividends and buybacks, good for nearly 80% of their earnings.