© Reuters. FILE PHOTO: The solar is seen behind a crude oil pump jack within the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
(Reuters) – Pioneer Pure Sources (NYSE:) Co reported a five-fold bounce in first-quarter revenue on Wednesday and raised its dividend, because the U.S. shale producer benefited from hovering vitality costs following the Ukraine disaster.
The Dallas, Texas-based agency boosted its quarterly dividend by 95% to $7.38 per share.
Producers are prioritizing shareholder returns over manufacturing ramp-ups, whilst Western sanctions on Russia despatched crude costs to 14-year-highs through the quarter. U.S. WTI settled at $107.81 on Wednesday, up 64% from a 12 months in the past.
The largest U.S. oil producer, Exxon Mobil Corp (NYSE:), tripled the dimensions of its buyback program final week.
Pioneer’s adjusted revenue rose to $1.98 billion, or $7.74 per share, within the quarter ended March 31, from $396 million, or $1.77 per share, an 12 months earlier.
Final week, Pioneer mentioned its first-quarter manufacturing averaged 355,000 barrels of oil per day (bopd) and 638,000 barrels of oil equal per day (boepd) in contrast with 281,000 bopd and 474,000 boepd, a 12 months earlier.
Pioneer’s outcomes mirrored these of rivals Devon Power (NYSE:), Diamondback (NASDAQ:) Power and Coterra Power, which raised their shareholder payouts on Monday after posting better-than-expected surges in revenue.
