Focus on US shale companies’ Top Wall Street quotes and earnings

U.S. shale producers Devon Energy, Diamondback Energy and Cotera Energy reported a sharp increase in profits on Monday that exceeded Wall Street’s estimates, but the production plan emphasized a focus on shareholder returns. It was stable.

US oil and gas producers are facing a plunge due to rising energy prices as Russia’s invasion of Ukraine raises global supply concerns and pushes oil futures to their highest levels in years. On Monday, WTI was trading around $ 105 a barrel.

Devon and Cotella reported on Monday that their quarterly revenues had more than quadrupled, but Diamondback’s profits had more than tripled. All three have increased their dividends.

Devon increased its dividend payments by 27% to a record $ 1.27 per share and increased its share repurchase program by 25% to $ 2 billion. Diamondback increased its base dividend by 17% to $ 2.80 per share, while Kotera’s dividend increased by 7% to 60 cents per share.

According to Devon, total oil production for the reported quarter increased from 499,000 barrels a year ago to 575,000 barrels per day (oil equivalent). With the exception of the hedge, Devon said its realization price rose from $ 39.14 to $ 61.40 per boe in the quarter.

The average quarterly production of diamondback was 222,800 barrels of oil per day. The company emphasized maintaining current production plans, calling current operating conditions difficult and pointing out inflation and labor and material shortages.

“Diamondback is committed to maintaining current production levels,” CEO Travis Stice said in a release.

“We believe we can effectively expand our production base in the long run, but I don’t think it’s the right time today,” he said, adding that market outlook remains uncertain, justifying investment in increased production. I warned that I couldn’t.

According to Refinitiv IBES, Coterra reported adjusted earnings of $ 818 million, or $ 1.01 per share, above analysts’ forecast of 83 cents. Diamondback’s adjusted net income was $ 929 million, or $ 5.20 per share, above the estimated $ 4.51.

Oklahoma City-based Devon revenue increased from $ 213 million last year (32 cents per share) to $ 1 billion ($ 1.48 per share) in the quarter ended March 31. ..

Cotera’s share price rose 2.6% to $ 28.92 in after-hours trading, while Devon rose 3.2% to $ 60.22. Diamondback rose 0.61% to $ 128.28.

Liz Hampton and Arnima Kumar