Oilfield firm Baker Hughes Co. on Oct. 27 said it would increase its quarterly dividend by 5.5% to 19 cents per share and that its board had authorized an additional $2 billion in share repurchases.

The increases underscore an ongoing focus by oil and gas companies to focus on returning cash to shareholders after many fled the sector following years of poor returns.

Baker Hughes' share repurchase authorization now stands at $4 billion, doubling a buyback plan announced in July of 2021. As of the Sept. 30, it had bought back $1.2 billion in Class A shares under its current authorization.

Shares of Baker Hughes are up 12.34% year to date at $27.03.