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

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

(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

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

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

Exxon mobil corp

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

Net Income in latest quarter: Jumped 191.2% to $19.66 bln

Chevron corp

Dividend: Q4 per-share dividend of $1.51, up 9 cents

Share buyback: Raised existing share repurchase authorization by $50 bln

Net Income in latest quarter: Jumped 89.6% to $10.78 bln

Conocophillips

Dividend: 11% increase to quarterly ordinary dividend

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

Net Income in latest quarter: Rose 87.5% to $4.5 bln

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: Net loss of $17 mln on restructuring charges, compared to a profit of $8 mln a year earlier

SLB (formerly Schlumberger)

Dividend: To raise quarterly dividend by 43% next year

Share buyback: To resume a share repurchase program

Net Income in latest quarter: Rose 65% to $907 mln

Marathon petroleum corp

Dividend: Increased dividend by 30% to 75 cents/shr

Share buyback: Expects to commence share repurchases in November using the remaining $5 bln authorization

Net Income in latest quarter: Rose 545% to $4.5 bln

Phillips 66

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 bln

Marathon oil corp

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 mln

Eog resources inc

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

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

Apa corp

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

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

Coterra energy inc

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

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

PATTERSON-UTI

Dividend: Doubled quarterly cash dividend to 8 cents/shr

Share buyback: Increased share repurchase authorization to $300 mln

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

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 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

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

(Reporting by Sourasis Bose, Ankit Kumar and Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)

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