Good read here. Pretty shocking to see it. It's easy to blame whatever Potus is in office, but they have very little control over a global market and the corporate greed. Hopefully they get that bill passed. We'd all benefit.
The top 20 U.S- based oil and gas companies reported $30.3 billion in profits in the first quarter of 2022, an 155% increase from the first quarter of 2021.
In the first five months of 2022, eight companies authorized plans to buy back and retire $46 billion in stock — a 116% increase over the $21.2 billion in buybacks authorized throughout all of 2021.
A full $36 billion of those buyback authorizations came since the start of February 2022, as Russian preparations for their eventual invasion of Ukraine sent oil prices skyrocketing.
Seven companies are paying extra bonus dividends on top of their routine quarterly payments, including by implementing new variable payouts based on their earnings — a way of guaranteeing to shareholders a large portion of their windfall profits. So far in 2022, these companies have announced $8.3 billion in special windfall dividends.
Five of these companies — Pioneer, Chesapeake, Conoco, and Coterra, and Diamondback — announced variable dividends since the start of August 2021, as prices began to rise.
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