Q1 2023: Oil Companies Continue To Reap Profits & Hoard Cash
As cash continues to pour in from consumers, oil executives are focused on taking steps to prop up their
stock prices, resulting in higher compensation for themselves and even more wealth for their billionaire
investors. Among the companies tracked in this report, spending on stock buybacks was $28.835 billion,
and spending on dividends was $24.977 billion, bringing a combined total of $53.8 billion spent
funneling cash to shareholders in the quarter.
