Heard on the Street: It will take more than just happy shareholders to keep U.S. oil majors’ momentum going
U.S. gas prices have hit a record high and are showing no signs of going down. That’s largely because oil companies are no longer incentivized to drill more as oil prices rise. WSJ’s Dion Rabouin explains. Photo composite: Ryan Trefes, Exxon Mobil has ticked a lot of boxes to endear itself to its shareholders. Now, the company is on a broader charm offensive.in the second quarter
, the highest since 2008 and roughly $900 million more than analysts polled by Visible Alpha had expected. Its peer Chevron generated $10.6 billion of free cash flow, exceeding analyst estimates by more than $1 billion. The oil supermajors’ share prices jumped roughly 5% and 9%, respectively.
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