Shale Drillers Boost Dividend as Profit Surpasses Wall Street Expectations

Unlike during previous booms in oil prices, U.S. shale producers did not raise spending to boost production and instead chose to return cash to shareholders through buybacks and dividends.

Arunima Kumar, Reuters

U.S. oil and gas producers on Nov. 3 posted quarterly profits that beat Wall Street expectations as energy prices recovered from pandemic lows to multi-year highs, prompting some drillers to raise dividend.

U.S. natural gas prices have surged more than 60% in the third quarter, while U.S. crude has climbed about 73% since the start of the year.

Pioneer Natural Resources Co., Marathon Oil Corp., Callon Petroleum Co. and Apache parent APA Corp. earned more than market predictions, while Continental Resources Inc.’s adjusted profit in the third quarter was in line with consensus.

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