ExxonMobil (NYSE: XOM) is a leader in paying dividends. The oil giant paid a whopping $14.9 billion in dividends in 2023. That was the third-highest total in the world. It will likely pay even more in dividends in 2024.

On the one hand, ExxonMobil's total dividend outlay in 2023 was roughly flat with 2022's level. However, the payout increased on a per-share basis. Exxon raised its dividend per share by 3.4% in late 2022 and delivered a 4.4% dividend increase in late 2023. That marked its 41st consecutive year of increasing its dividend, tops in the oil patch.

The factor driving the disconnect was Exxon's meaningful share repurchase program. The oil giant bought back $17.4 billion in shares in 2023. That helped reduce its outstanding shares by 3.6% even though it issued $4.9 billion in shares to acquire Denbury Resources.

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Source Fool.com