By Matt Egan, CNN BusinessLeading oil company CEOs declined on Wednesday to endorse a call from Democrats to reduce dividends and share buybacks and plow the money into ramping up production instead. ‘The answer is no on dividends’US oil production remains below pre-Covid levels, even as oil prices have nearly doubled. And Scott Sheffield, the CEO of Pioneer Natural Resources, said his company will increase production but flatly declined to dial back dividends. “The answer is no on dividends,” Sheffield said. Pallone, meanwhile, said oil companies are devoting $45 billion in share buybacks plus another $40 billion in dividends.

Source: CNN April 06, 2022 18:40 UTC