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Factbox-Bumper profits fuel surge in dividends, buybacks at oil firms

Published 02/03/2023, 09:42 AM
Updated 02/03/2023, 09:45 AM
© Reuters. FILE PHOTO: A pump jack operates in front of a drilling rig owned by Exxon near Carlsbad, New Mexico, U.S. February 11, 2019. REUTERS/Nick Oxford//File Photo

© Reuters. FILE PHOTO: A pump jack operates in front of a drilling rig owned by Exxon near Carlsbad, New Mexico, U.S. February 11, 2019. REUTERS/Nick Oxford//File Photo

(Reuters) - Energy firms are using a chunk of their bumper quarterly profits from surging natural gas and fuel prices to reward shareholders with higher dividends and share buybacks.

The top 25 North American oil and gas companies by market capital posted a combined profit of $70.04 billion for the quarter ended Sept. 30, 186.3% higher than a year earlier, according to Refinitiv data.

However, the record profits have renewed calls for a windfall tax, especially as sky-rocketing prices have fueled inflation around the globe.

Below are some of the companies that have announced higher dividends and repurchases in recent weeks:

Valero Energy Corp (NYSE:VLO)

Dividend: Increased quarterly dividend by 4.1% to $1.02 per share

Net Income in latest quarter: More than tripled to $3.11 billion

Exxon Mobil Corp (NYSE:XOM)

Dividend: Q4 per-share dividend of 91 cents, up 3 cents

Net Income in latest quarter: Jumped 43.7% to $12.75 billion

Chevron Corp (NYSE:CVX)

Dividend: Raised quarterly dividend by 9 cents to $1.51 per share

Share buyback: Approves a $75 billion buyback program

Net Income in latest quarter: Jumped 25.6% to $6.35 billion

ConocoPhillips (NYSE:COP)

Dividend: Declares variable dividend of 60 cents per share

Share buyback: Raised existing share repurchase authorization by $20 billion

Net Income in latest quarter: Rose 23% to $3.2 billion

CHESAPEAKE ENERGY CORP

Dividend: Increased total quarterly dividend to $3.16/shr from $2.32/shr

Net Income in latest quarter: Stood at $883 mln, compared with $345 mln year-ago loss

BAKER HUGHES CO

Dividend: Increased quarterly dividend by 5.5% to 19 cents per share

Share buyback: Authorized an additional $2 bln

Net Income in latest quarter: Fell 38.1% to $182 million

SLB (formerly Schlumberger (NYSE:SLB))

Dividend: Increased quarterly cash dividend 43% to $0.25 per share

Share buyback: Resumed share repurchase program

Net Income in latest quarter: Rose 77.2% to $1.07 billion

Marathon Petroleum Corp (NYSE:MPC)

Share buyback: Approved an additional $5 billion in stock repurchases

Net Income in latest quarter: Rose 329.1% to $3.32 billion

Phillips 66 (NYSE:PSX)

Share buyback: Plans to return up to $12 bln more to shareholders by end-2024 through dividends and buybacks

Net Income in latest quarter: Jumped 1241% to $5.4 billion

Marathon Oil Corp (NYSE:MRO)

Dividend: Expects to raise base dividend by an additional 11% after closing the purchase of Ensign

Net Income in latest quarter: Climbed 344% to $817 million

EOG Resources Inc (NYSE:EOG)

Dividend: Raised regular dividend by 10%, $1.50/shr special dividend

Net Income in latest quarter: Rose 160.6% to $2.85 billion

APA Corp

Dividend: Doubled quarterly dividend to an annualized rate of $1.00/shr

Net Income in latest quarter: Stood at $422 million, compared with a loss of $113 million

COTERRA ENERGY INC

Dividend: Increased dividend by 3 cents to 68 cents/shr

Net Income in latest quarter: Surged 1768.75% to $1.2 billion

PATTERSON-UTI

Dividend: Doubled quarterly cash dividend to 8 cents/shr

Share buyback: Increased share repurchase authorization to $300 million

Net Income in latest quarter: Rose 181% to $61.5 million

TEXAS PACIFIC LAND CORP

Share buyback: Approved purchase of up to $250 mln worth of shares

Net Income in latest quarter: Rose 55% to $129.8 mln

CANADIAN NATURAL RESOURCES LTD

Dividend: Raised quarterly dividend by 13% to 85 Canadian cents/shr

Net Income in latest quarter: Rose 27.7% to C$2.81 bln

Cenovus Energy (NYSE:CVE) Inc

Dividend: Announced a variable dividend of C$0.114

Share buyback: Plans to renew repurchase program

Net Income in latest quarter: Climbed 192% to C$1.61 bln

IMPERIAL OIL

Dividend: Raised quarterly dividend by 29% to 44 Canadian cents/shr

Share buyback: Announced a C$1.5 bln substantial issuer bid to buy back shares

Net Income in latest quarter: Rose 123.6% to C$2.03 bln

TOURMALINE OIL CORP

© Reuters. FILE PHOTO: A pump jack operates in front of a drilling rig owned by Exxon near Carlsbad, New Mexico, U.S. February 11, 2019. REUTERS/Nick Oxford//File Photo

Dividend: Announced a special dividend of C$2.25/shr; raised quarterly dividend by 11% to 25 Canadian cents/shr

Net Income in latest quarter: Rose 481% to C$2.09 bln

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