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WASHINGTON, DC – OCTOBER 19: U.S. President Joe Biden delivers remarks on energy as (L-R) Secretary … [+] Getty Images ExxonMobil’s profitability pales compared to Apple and Microsoft — where’s the call for windfall taxes on them? Amos Hochstein, the Biden Admistration’s energy advisor warned America’s oil companies again this week that if they don’t reinvest their massive profits this year into expanding oil production that they would face a White House push to impose a windfall profits tax. “ Those kind of profits need to be reinvested ,” he said, not returned to the owners of the company. Maybe he knew what was coming. The following day ExxonMobil XOM -0.5% , in a strategy update for investors, revealed its intention to buy back $50 billion worth of shares by the end of 2024 — roughly $25 billion in each of the next two years. That’s up from a previous $15 billion. Such largesse will provide support for Exxon shares, which are up 300% from pandemic lows, when, you’ll recall, the price of oil temporarily fell to zero and Exxon slashed shareholder distributions. Don’t expect Exxon and the other oil giants to suddenly change strategy because Hochstein (49, a […]
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