Exxon, Chevron post big revenues, but Wall Street shrugs

Exxon and Chevron earned US$5.5 billion and $6.3 billion, respectively, and the former returned to its years-ago strategy of big share repurchases by tripling expected buybacks through 2023 to $30 billion. Chevron got in on that as well, boosting buybacks to their most in more than a year.

NEW YORK: The two largest U.S. oil companies on Friday posted big revenues in the first quarter, but analysts said Exxon Mobil Corp XOM.N and Chevron Corp CVX.Nfell short of expectation during a period when oil prices surged to nearly $140 a barrel.

Exxon and Chevron earned US$5.5 billion and $6.3 billion, respectively, and the former returned to its years-ago strategy of big share repurchases by tripling expected buybacks through 2023 to $30 billion. Chevron got in on that as well, boosting buybacks to their most in more than a year.