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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 (NYSE:VLO)
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 (NYSE:SLB))
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 (NYSE:CVE) 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
