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

Texas Pacific Land (Dover)

03/02/2023 14:41

(Adds Marathon Petroleum; Updates Exxon, Chevron,
Conocophillips)
       Feb 3 (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  VLO.N  
    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  XOM.N  
    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  CVX.N 
    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  COP.N  
    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  CHK.O  
    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  BKR.O  
    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)  SLB.N  
    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  MPC.N 
    Share buyback: Approved an additional $5 billion in stock
repurchases
        Net Income in latest quarter: Rose 329.1% to $3.32
billion
  
    Phillips 66  PSX.N  
    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  MRO.N  
    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  EOG.N  
    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  APA.O  
    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  CTRA.N  
    Dividend: Increased dividend by 3 cents to 68 cents/shr
    Net Income in latest quarter: Surged 1768.75% to $1.2
billion
    PATTERSON-UTI  PTEN.O  
    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  TPL.N  
    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  CNQ.TO  
    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  CVE.TO  
    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  IMO.TO  
    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  TOU.TO  
    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)
 ((mrinalika.roy@thomsonreuters.com;))