ExxonMobil Stock Jumps on Shell Buybacks and Exxon's Denbury Acquisition

ExxonMobil stock jumped over 3% on Thursday due to two factors - Shell's expanded buyback program and Exxon's acquisition of Denbury.

Shell announced a $3.5 billion share buyback program for the next 3 months, bringing total 2H 2023 buybacks to $6.5 billion.

ExxonMobil closed its $4.9 billion acquisition of Denbury, gaining the largest US CO2 pipeline network.

The oil industry continues to generate high cash flows, allowing majors like Shell and Exxon to reward shareholders.

Exxon CEO called the Denbury deal a "major step forward in the profitable growth of our low carbon solutions business."