Murphy USA (MUSA) Adds Shareholder Value With $1B Buyback Plan
Zacks Investment Research | Dec 06, 2021 05:29AM ET
Murphy USA (NYSE:MUSA) Inc.'s CVX revived its stock repurchase program and vowed to buy back $2-$3 billion shares annually. The plan is effective from the third quarter of this year.
CVX reported adjusted third-quarter earnings per share of $2.96, beating the Zacks Consensus Estimate of $2.21. Chevron reported a profit of just 18 cents per share in the year-ago period. CVX’s impressive earnings reflect a rise in commodity prices and production plus expanded refined products sales.
h3 Wrapping Up/h3A much-increased crude price scenario and the economic recovery contributed to the balance-sheet strength of the energy companies. Benefiting from the robust fundamentals, their cash from operations is now covering capital spending. This provides a sustainable financial framework for the oil firms to increase cash returns to their shareholders.
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