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BREAKING NEWS:

Copper Tip Energy Services
Hazloc Heaters
Hazloc Heaters
Copper Tip Energy


Rising crude prices lift Diamondback, Continental, Pioneer Natural earnings


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These translations are done via Google Translate

Oil prices are trading near multi-year highs helped by output curbs by the OPEC+, and easing restrictions due to COVID-19 vaccine roll-outs. U.S. crude has climbed 52% since the start of 2021 and 24% in the June quarter.

While Diamondback and Continental beat Wall Street profit estimates, Pioneer only met expectations, but declared an inaugural variable dividend of $1.51 per share to be paid during the third quarter.

Meanwhile, Diamondback increased its annual divided by 12.5% to $1.80 per share, and Continental said it was resuming its $1 billion share repurchase program, with $317 million of share repurchases previously executed.

On Friday, U.S. oil major Chevron Corp (CVX.N) also said it planned to resume share buybacks this quarter at an annual rate of $2 billion to $3 billion, after halting purchases last year following a COVID-19 pandemic led slump in oil prices. read more

These moves underscore the companies’ focus on shareholder returns over spending to expand production, even as crude prices climb to their highest levels since 2018.

Sky Eye Measurement
GLJ
GLJ
Sky Eye Measurement

Shares of Continental Resources were up 2.4% at $34.50 in extended trade, Diamond rose 0.2% and Pioneer Resources 0.7%.

Diamondback on Monday raised its full-year production to between 363,000 barrels of oil equivalent per day (boepd) and 370,000 boepd from 350,000 boepd and 360,00 boepd previously.

On an adjusted basis, Diamondback posted a profit of $2.40 per share compared with estimates of $2.19 per share, according to Refinitiv IBES.

Continental reported an adjusted profit of 91 cents per share compared with estimates of 55 cents per share, and Pionner’s adjusted profit came in at $2.55 per share.



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