Exxon is assessing its global sales opportunities portfolio and will trim assets that do not fit the strategic priorities, Woods says. The company will also look for tactical opportunities to relieve assets at good value, he added.
But it is still unclear when the disposals will allow room to share buybacks, and some investors seem impatient. Exxon saw today's course on Wednesday, despite the company providing improved earnings and cash flow guidance during the annual investor day.
Analysts say one reason for withdrawal is disappointment that Exxon did not launch a buy-back program, peers have begun to enrich investors by again buying back shares.
"Exxon has been the only superpower in recent quarters without an active buy-back program," says Raymond James equity analyst Pavel Molchanov.
"Interestingly, ten years ago, this company had the largest repurchase amounts throughout the S & P 500 . "[1