Exxon Mobil halted stock buybacks three years ago. Its plan to sell $15 billion in assets would help the company restart the program, says CEO Darren Woods.
Exxon Mobil's plan to sell billions of dollars in assets may pave the way for the company to return cash to stockholders through a long-awaited share buyback program, says Chairman and CEO Darren Woods.
"We've got a balance sheet that allows us to continue to do that, and so we've looked at our balance sheet, our objectives to grow dividends ... and to maintain a strong balance sheet," he said in an interview with CNBC's Becky Quick. But it remains unclear when the divestments will give way to share repurchases, and some investors appear to be growing impatient. Exxon saw its stock price slump on Wednesday, despite the company issuing improved guidance for profits and cash flow during its annual investor day.
"Interestingly enough, a decade ago this company had the largest buyback amounts in the entire S&P 500."
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