U.S. oilfield services provider Baker Hughes Co. said on July 30 it had authorized Baker Hughes Holdings LLC to repurchase up to $2 billion of its common units.

The move comes as oil and gas companies keep their focus on shareholder returns over spending to expand production, even as crude prices climb to their highest levels since 2018.

Chevron Corp. also said on July 30 it planned to resume share buybacks this quarter at an annual rate of $2 billion to $3 billion, after halting purchases last year.

Royal Dutch Shell Plc, TotalEnergies SE and Equinor ASA are also resuming buybacks.

Shares of Baker Hughes were up 1.3% to $21.44 in mid-morning trading. Benchmark Brent crude were broadly flat at $76.18/bbl.