U.S. shale producer Diamondback Energy Inc. on Nov. 1 beat Wall Street third-quarter profit estimates and increased its dividend as the oil market recovers from pandemic lows, pushing prices to levels not seen in years.

The Midland, Texas-based company reported adjusted earnings of $536 million, or $2.94 per share for the quarter, versus expectations of $2.77, according to data from Refinitiv IBES.

WTI crude futures in the U.S. were up over half a percent on Monday at $84.05/bbl and more than 76% higher year-to-date. Although prices have climbed, publicly traded shale companies remain focused on returning cash to shareholders over growing production.

Diamondback lowered its capital spending guidance for 2021 for the second time this year to $1.49 billion to $1.53 billion, down 10% from April forecasts.

“We are committing to maintaining our fourth quarter 2021 Permian oil volumes throughout next year, and we believe this can be accomplished by spending the amount of capital implied in our fourth quarter 2021 guidance run-rate,” CEO Travis Stice said in a statement.

Shares slipped 1.4% to $110 in late trading after climbing 4% ahead of the release.

Diamondback has vowed to return 50% of its free cash flow to stockholders beginning in the fourth quarter of this year, and its board recently authorized a $2 billion share repurchase program.

Diamondback increased its annual dividend by 11% to $2 per share, and declared a third-quarter cash dividend of 50 cents per share, to be paid this month.

Onshore