(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 billion
Exxon Mobil Corp
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
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
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)
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
Share buyback: Approved an additional $5 billion in stock repurchases
Net Income in latest quarter: Rose 329.1% to $3.32 billion
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 billion
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 million
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 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 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 and Maju Samuel)
