Shale Explorers Diamondback, Devon Boost Payouts Over Production
A Diamondback Energy oil site in Midland, Texas.
Photographer: Callaghan O'Hare/BloombergThis article is for subscribers only.
Shale drillers Diamondback Energy Inc., Devon Energy Corp. and Coterra Energy Inc. are boosting dividends while keeping oil output flat despite pleas from President Joe Biden to increase supplies and help take some the edge off of inflation.
Diamondback announced a five-fold bump to quarterly payouts on Monday while Devon pledged to lift its dividend by 27% to a record $1.27 a share. Coterra also boosted distributions to shareholders. At the same time, all three shale specialists said they’re holding the line on crude and natural gas output.