Exxon and Chevron both emphasized debt reduction in their second quarter results, with Exxon paying down more than $7 billion and Chevron $8.4 billion. Melius Research managing director James West noted the companies are maintaining balanced shareholder return programs that include both debt paydowns and consistent stock buybacks, contrasting with some European majors that have pulled back on repurchases. He added that energy stocks have been constrained by uncertainty around the Iran conflict, but sees structural upside from depleted global inventories and the need for reinvestment across the energy complex once geopolitical tensions ease.
Chevron CorpChevron emphasized debt reduction, paying down $8.4 billion, and maintained buybacks.
Exxon Mobil CorpExxon emphasized debt reduction, paying down over $7 billion, and maintained buybacks.