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.






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FILE PHOTO: A pump jack operates in front of a drilling rig owned by Exxon near Carlsbad

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.

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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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