智通财经网·2025-10-13 06:59Core Viewpoint - Energy giants are facing tough decisions as oil prices weaken, leading to expected pressure on shareholder returns in the coming months [1] Group 1: Company Actions - Major oil companies, including ExxonMobil, Chevron, Shell, and BP, are implementing layoffs and cost-cutting measures in response to the industry downturn [1] - These companies previously enjoyed significant profits, with the five major Western oil companies collectively earning nearly $200 billion in profits in 2022 due to soaring fossil fuel prices [1] - A high proportion of cash flow from operations, reaching up to 50%, has been allocated to shareholder returns in recent quarters [1] Group 2: Strategic Adjustments - BP has already adjusted its strategy, and Total has announced plans to reduce shareholder returns, indicating a likely trend among other oil giants [2] - Analysts suggest that cutting stock buybacks may be a more feasible option than reducing dividends, as dividends are considered core returns for investors [2] - Saudi Aramco's earlier dividend cut due to uncertain oil price prospects has made other private oil companies cautious about similar actions [2] Group 3: Market Outlook - Analysts highlight three core issues for oil giants: whether to incur debt to maintain shareholder returns, reduce stock buybacks, or cut drilling activities, each carrying its own risks [3] - Despite earlier pessimism regarding oil prices, the market has shown resilience, stabilizing around $65 to $70 per barrel, although prices have recently dipped below this range [3][4] - The upcoming quarterly earnings reports from Total, Shell, ExxonMobil, Chevron, and BP will provide insights into how these companies plan to adjust their shareholder return policies in light of the weakening commodity prices [4]