(Bloomberg) -- President Joe Biden dislikes them. The taxman is coming after them. And Wall Street strategists warn the boom won’t last. Yet against all odds, Corporate America continues to splurge on its own shares — a force that has fueled the new year rally. Most Read from BloombergMerck Covid Drug Linked to New Virus Mutations, Study SaysAdani Crisis Deepens as Stock Rout Hits $108 BillionPorsche Blunder Puts $148,000 Sportscar on Sale for Just $18,000Plenty of Americans Are Drinking Bleach,
Shell (SHEL) generated cash flow from operations of $22.4 billion, returned $1.8 billion to its shareholders through dividends and spent $6.4 billion on capital projects.
Two big oil giants, Exxon Mobil (XOM) and Chevron (CVX), capped off blockbuster results in 2022 with record annual profit.