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 Imperial Oil Limited reported a sixfold increase in second-quarter profit Friday and said it had returned some $2.7 billion to shareholders between buybacks and a quarterly dividend — putting the company on track for a second consecutive record-setting year for cash returns.
While the buyback bonanza is popular with the current crop of energy investors, some critics say it enriches shareholders and executives at the expense of long-term growth in production that creates jobs and economic opportunity.
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