Oil supermajors returned more cash to shareholders than ever before last year as management teams reined in spending on new projects to free up cash for dividends and buybacks. There may be more to come.
A new report finds oil and gas firms are redeploying less capital than in previous years, in favour of upping returns to shareholders.
Shell, TotalEnergies and Repsol announced combined buybacks of almost $6 billion on Thursday.
A year of high commodity prices and record profits for oil and gas majors has many questioning what to do with all their cash - with increasing amounts returned to investors via buybacks.
Oil giant Shell has marked a second quarter of record financial results by rapdily accelerating its share buyback programme.
Harbour Energy (LON: HBR) has launched a $200m share buyback scheme, a move which could boost investor confidence following a windfall tax hit last month.
Equinor is to increase its share buybacks after posting “strong financial results” for the first quarterof 2022.
“Exceptional” oil and gas trading meant BP (LON:BP) raked in healthy profits in the first three months of 2022.
Subsea 7 (SUBC: OSLO) is planning a $100 million windfall for shareholders in 2022 as it firmly believes “the market recovery is underway”.
BP’s (LON: BP) chief executive has hailed “another good quarter” for the oil and gas giant, in no small part due to the spike in commodity prices.
Shell hoisted its dividend and kicked off a $2 billion share buyback programme today, emboldened by a return to the black in the first half of 2021.
Energy giant BP surged back into the black in the first quarter of 2021 on the back of higher oil prices and “exceptional” gas marketing and trading performance.