Exxon, tops in stock buybacks, now saving its cash

Few phenomena in the stock market are more predictable than oil major Exxon Mobil Corp's massive share buyback programme. It surprised investors on Tuesday by dramatically ratcheting back share repurchases, and for the first time in 15 years, Exxon Mobil will only buy back shares to offset dilution as opposed to return cash to shareholders. Exxon reported its smallest quarterly profit in more than a decade and said it will cut 2016 spending by one-quarter and suspend share repurchases.