Among the world’s leading energy conglomerates, one company has consistently stood out for its shareholder-friendly approach. In 2023, this industry giant repurchased a staggering $17.5 billion worth of its own shares, while also maintaining an attractive dividend payout. However, a closer examination of its financials reveals a notable disparity between its free cash flow and capital allocation strategies. This mismatch raises important questions about the company’s ability to sustain its current dividend policy and share buyback program over the long term.
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