(Reuters) – Energy firms are using a piece of their bumper quarterly profits from surging natural gas and fuel prices to reward shareholders with higher dividends and share buybacks.
The highest 25 North American oil and gas firms by market capital posted a combined profit of $70.04 billion for the quarter ended Sept. 30, 186.3% higher than a yr earlier, in line with Refinitiv data.
Nonetheless, the record profits have renewed calls for a windfall tax, especially as sky-rocketing prices have fueled inflation across the globe.
Below are a few of the firms which have announced higher dividends and repurchases in recent weeks:
Dividend: Q4 per-share dividend of 91 cents, up 3 cents
Net Income in latest quarter: Jumped 191.2% to $19.66 bln
Dividend: 11% increase to quarterly atypical dividend
Share buyback: Raised existing share repurchase authorization by $20 bln
Net Income in latest quarter: Rose 87.5% to $4.5 bln
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
Dividend: Increased quarterly dividend by 5.5% to 19 cents per share
Share buyback: Authorized a further $2 bln
Net Income in latest quarter: Net lack of $17 mln on restructuring charges, in comparison with a profit of $8 mln a yr earlier
SLB (formerly Schlumberger)
Dividend: To boost quarterly dividend by 43% next yr
Share buyback: To resume a share repurchase program
Net Income in latest quarter: Rose 65% to $907 mln
Dividend: Increased dividend by 30% to 75 cents/shr
Share buyback: Expects to start share repurchases in November using the remaining $5 bln authorization
Net Income in latest quarter: Rose 545% to $4.5 bln
Share buyback: Plans to return as much as $12 bln more to shareholders by end-2024 through dividends and buybacks
Net Income in latest quarter: Jumped 1241% to $5.4 bln
Dividend: Expects to boost base dividend by a further 11% after closing the acquisition of Ensign
Net Income in latest quarter: Climbed 344% to $817 mln
Dividend: Raised regular dividend by 10%, $1.50/shr special dividend
Net Income in latest quarter: Rose 160.6% to $2.85 bln
Dividend: Doubled quarterly dividend to an annualized rate of $1.00/shr
Net Income in latest quarter: Stood at $422 mln, compared with a lack of $113 mln
Dividend: Increased dividend by 3 cents to 68 cents/shr
Net Income in latest quarter: Surged 1768.75% to $1.2 bln
Dividend: Doubled quarterly money dividend to eight cents/shr
Share buyback: Increased share repurchase authorization to $300 mln
Net Income in latest quarter: Rose 181% to $61.5 mln
Share buyback: Approved purchase of as much as $250 mln value 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
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
Dividend: Raised quarterly dividend by 29% to 44 Canadian cents/shr
Share buyback: Announced a C$1.5 bln substantial issuer bid to purchase back shares
Net Income in latest quarter: Rose 123.6% to C$2.03 bln
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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