Oxy petroleum CEO says it all: Stock Buybacks Take Priority over Production Growth

[The Banker]

Directly from the mouth of the CEO of Occidental petroleum:

"There won't be significant growth from us because there's still a lot more value to be gained for us by continuing to focus on delivering value to shareholders through share repurchases,"

Biden has signed record permits for oil companies to drill more and increase oil production, much more than Trump. The oil companies are not increasing production at all. Instead these companies are spending their money on do nothing stock buybacks versus spending money that should be spent on pumping more oil.

Biden has done all he can do, handing out record oil drilling permits, much more than Trump. Oil companies are not doing anything with those drilling permits, instead they spend their money on do nothing stock buybacks. The oil companies are to blame, not Biden because Biden has given them the record drilling permits.

The sheep want to blame Biden, but he can't force the oil companies to do the right thing and pump more oil. In addition the CEOs of Devon energy and Marathon Petroleum have both said the same thing, no production increases only stock buybacks. Right now it doesn't even matter as oil has plummeted down to $75 because of Biden's timely SPR releases.

Time for the MAGA spin machine to try and spin the facts here, yet again like they always do.

Occidental CEO says stock buybacks take priority over production growth (NYSE:OXY)

Occidental Petroleum (OXY) will prioritize share buybacks over production growth in 2023 and may redeem Berkshire Hathaway's preferred stock this year, CEO Vicki Hollub told Bloomberg

seekingalpha.com

 

[Toddsterpatriot]

Directly from the mouth of the CEO of Occidental petroleum:

"There won't be significant growth from us because there's still a lot more value to be gained for us by continuing to focus on delivering value to shareholders through share repurchases,"

Biden has signed record permits for oil companies to drill more and increase oil production, much more than Trump. The oil companies are not increasing production at all. Instead these companies are spending their money on do nothing stock buybacks versus spending money that should be spent on pumping more oil.

Biden has done all he can do, handing out record oil drilling permits, much more than Trump. Oil companies are not doing anything with those drilling permits, instead they spend their money on do nothing stock buybacks. The oil companies are to blame, not Biden because Biden has given them the record drilling permits.

The sheep want to blame Biden, but he can't force the oil companies to do the right thing and pump more oil. In addition the CEOs of Devon energy and Marathon Petroleum have both said the same thing, no production increases only stock buybacks. Right now it doesn't even matter as oil has plummeted down to $75 because of Biden's timely SPR releases.

Time for the MAGA spin machine to try and spin the facts here, yet again like they always do.

Occidental CEO says stock buybacks take priority over production growth (NYSE:OXY)

Occidental Petroleum (OXY) will prioritize share buybacks over production growth in 2023 and may redeem Berkshire Hathaway's preferred stock this year, CEO Vicki Hollub told Bloomberg

seekingalpha.com

Makes sense, they want to buy back all their stock before Biden eliminates fossil fuel.

but he can't force the oil companies to do the right thing and pump more oil.

He hates oil.

 

[1srelluc]

Hey Cupcake, that's why I invest with companies that put their shareholders first. It's all about return on investment.

It won't be till Tater The Putz and his leftist band of turds are gone before you see much other than profit taking for the next couple years.....That includes stock buy-backs.

Why would they do anything else in the hostile oil/ng environment the dems have created? You assholes created it so suck on it.

 

[The Banker]

Hey Cupcake, that's why I invest with companies that put their shareholders first. It's all about return on investment.

It won't be till Tater The Putz and his leftist band of turds are gone before you see much other than profit taking for the next couple years.....That includes stock buy-backs.

Why would they do anything else in the hostile oil/ng environment the dems have created? You assholes created it so suck on it.

huh???

Biden has approved the most permits ever
Oil companies are not drilling more wells and increasing production, so high energy prices are their fault not Biden's
Don't blame Biden for the lack of oil production, it is the oil companies fault as they won't increase production, but they easily can, they just won't. Instead they spend the money on buybacks.

Put the blame on the real culprit, the energy companies not Biden.

PS the energy trade is over and Nat gas has plummeted to $2.4. ET is the only decent buy in the energy sector as it relies on volumes transported vs commodity price and they have returned their distribution to precovid levels, and Biden has the US exporting record nat Gas which also benefits ET a lot.

 

[gipper]

Makes sense, they want to buy back all their stock before Biden eliminates fossil fuel.

but he can't force the oil companies to do the right thing and pump more oil.

He hates oil.

He hates oil.

Lol. You’ve accepted right wing propaganda. No politician has accepted more money from Big Oil than dumb fuck Joe Biden. He’s bought and paid for.

Turn off Fox News and then your IQ might register.

 

[initforme]

Profits are all that matter. People don't matter. Employees don't matter. Country doesn't matter. That corporatism defined. But it's still better than socialism. Thankfully we have not a trace of it in our system.

 

[kyzr]

US Oil Production. Trending up. WTF is the problem? There is none.

Oil companies can't build or drill because of re-imposed regulations. So buying back stock rewards investors.
Why would anyone build new refineries when the president said he's going to end fossil fuels? DUH.

 

[busybee01]

+++US Oil Production. Trending up. WTF is the problem? There is none.

View attachment 754686

Oil companies can't build or drill because of re-imposed regulations. So buying back stock rewards investors.
Why would anyone build new refineries when the president said he's going to end fossil fuels? DUH.

That is a lie. A Dallas Fed survey of oil company executives done in 2022 found that 59% of oil executives say that investors are the reason that they are not drilling. Only 7% say government regulations are the reason that they are not increasing drilling. Another 11% cite environmental, social and governance issues. Even if you add these two up, that is still 19%. Stock buybacks should be heavily taxed.

Oil and Gas Expansion Accelerates as Outlooks Improve Significantly

Activity in the oil and gas sector accelerated in first quarter 2022, according to oil and gas executives responding to the Dallas Fed Energy Survey.

www.dallasfed.org

 

[Toddsterpatriot]

He hates oil.

Lol. You’ve accepted right wing propaganda. No politician has accepted more money from Big Oil than dumb fuck Joe Biden. He’s bought and paid for.

Turn off Fox News and then your IQ might register.

It's been years since I watched Fox News.
How much has creepy Joe accepted from Big Oil? Link?

 

[Toddsterpatriot]

That is a lie. A Dallas Fed survey of oil company executives done in 2022 found that 59% of oil executives say that investors are the reason that they are not drilling. Only 7% say government regulations are the reason that they are not increasing drilling. Another 11% cite environmental, social and governance issues. Even if you add these two up, that is still 19%. Stock buybacks should be heavily taxed.

Oil and Gas Expansion Accelerates as Outlooks Improve Significantly

Activity in the oil and gas sector accelerated in first quarter 2022, according to oil and gas executives responding to the Dallas Fed Energy Survey.

www.dallasfed.org

Stock buybacks should be heavily taxed.

They are. Capital gains hit every taxable account.

 

[TheGreatSatan]

Democrats are at war with fossil fuels. Anyone who says otherwise is a liar.

 

[kyzr]

That is a lie. A Dallas Fed survey of oil company executives done in 2022 found that 59% of oil executives say that investors are the reason that they are not drilling. Only 7% say government regulations are the reason that they are not increasing drilling. Another 11% cite environmental, social and governance issues. Even if you add these two up, that is still 19%. Stock buybacks should be heavily taxed.

Biden is going to propose a new 4% tax on stock buybacks. Meh. I don't think the House will go along with that.

 

[busybee01]

Stock buybacks should be heavily taxed.

They are. Capital gains hit every taxable account.

Capital gains taxes are too low.

 

[busybee01]

Democrats are at war with fossil fuels. Anyone who says otherwise is a liar.

You are the liar. The fossil fuel industry is at war with us. They have bought off the Republican Party.

 

[busybee01]

Biden is going to propose a new 4% tax on stock buybacks. Meh. I don't think the House will go along with that.

Republicans only want to go after the poor.

 

[Toddsterpatriot]

Capital gains taxes are too low.

They should be 0%

 

[Toddsterpatriot]

You are the liar. The fossil fuel industry is at war with us. They have bought off the Republican Party.

Darn fossil fuel companies, keeping us from freezing to death, cooking our food, growing
our economies with their reliable, consistent power.

Those bastards!!!

 

[kyzr]

Republicans only want to go after the poor.

LIAR, the bottom half of incomes don't pay any income tax. Google who pays taxes.

 

[The Banker]

That is a lie. A Dallas Fed survey of oil company executives done in 2022 found that 59% of oil executives say that investors are the reason that they are not drilling. Only 7% say government regulations are the reason that they are not increasing drilling. Another 11% cite environmental, social and governance issues. Even if you add these two up, that is still 19%. Stock buybacks should be heavily taxed.

Oil and Gas Expansion Accelerates as Outlooks Improve Significantly

Activity in the oil and gas sector accelerated in first quarter 2022, according to oil and gas executives responding to the Dallas Fed Energy Survey.

www.dallasfed.org

you are 100% correct

The big problem in America today is that the republicans can't accept fact based reality at all. Whether it is accepting provable facts like the oil company CEOs admitting they are not drilling more because they don't want to and would rather spend the money on buybacks, or admiting thatTrump lost the election and there was no fraud.

Republicans simply can't admit provable facts and they make up lies to avoid acceptiong simple facts like Trump lost the election.

Anybody that can't admit Trump lost the election has no credibility at all and can't be taken seriously

 

[Toddsterpatriot]

you are 100% correct

The big problem in America today is that the republicans can't accept fact based reality at all. Whether it is accepting provable facts like the oil company CEOs admitting they are not drilling more because they don't want to and would rather spend the money on buybacks, or admiting thatTrump lost the election and there was no fraud.

Republicans simply can't admit provable facts and they make up lies to avoid acceptiong simple facts like Trump lost the election.

Anybody that can't admit Trump lost the election has no credibility at all and can't be taken seriously

the oil company CEOs admitting they are not drilling more because they don't want to and would rather spend the money on buybacks

Why should they drill while potato Joe is in office? DURR