Upstream growth takes a backseat as oilsands majors plow billions into buybacks and dividends mpotkins
High commodity prices and refining margins have driven record-breaking profits for energy companies in the second quarter of 2022 and, midway through earnings season, Canadian firms have so far elected to return billions in excess cash to investors.
Canadian oilsands companies appear in lockstep with global energy firms that are boosting dividends and buying back shares as energy prices have risen amid tight supply and Russia’s invasion of Ukraine.Article content MEG Energy launched an escalating share buyback program in the second quarter as the company reached a net debt level target of US$1.7 billion, triggering an allocation of 25 per cent of free cash flow to share buybacks. The Calgary-based company has repurchased some 7.24 million common shares for cancellation so far this year and has pledged to return 100 per cent of free cash flow to shareholders once a net debt floor of US$600 million is reached.Article content.
Companies have also come under fire from consumers over prices at the pumps and from a public tired of delays on efforts to decarbonize the sector.
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