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Big Oil Is Paying Out Years of Dividends in One Day

(Bloomberg) -- Some oil and gas companies are flush with so much cash that they are paying out a full year’s worth of dividends in a single day -- and sometimes more than...
Big Oil Is Paying Out Years of Dividends in One Day © Reuters Big Oil Is Paying Out Years of Dividends in One Day

(Bloomberg) -- Some oil and gas companies are flush with so much cash that they are paying out a full year’s worth of dividends in a single day -- and sometimes more than that.

While reporting second quarter results Thursday, ConocoPhillips (NYSE:COP) informed investors that it will pay them $1.40 per share in a special dividend on October 14. For context, that’s almost three times its regular quarterly dividend of $0.46 -- and shareholders get both the regular and the special payout. The shareholder reward comes after a full quarter of crude prices averaging around $100 a barrel. 

Similarly, Tourmaline Oil Corp. will reward its investors after a quarter of bumper natural gas prices with a C$2 per share special dividend on August 12 -- worth roughly double a full year’s worth of its regular dividend payments. Its the third such special dividend from Tourmaline this year.

The energy industry right now is a “broken ATM spewing out cash and there aren’t enough people around to pick it up,” said Rafi Tahmazian, a senior portfolio manager at Canadian investment firm Canoe Financial.

Tahmazian expects to see more investors flocking to energy companies distributing cash windfalls. The blockbuster payouts could even fuel energy stock performance this year. Rising oil prices, debt repayment and share buybacks have all helped lift the S&P 500 Energy Index’s year-to-date returns to 31% this year, which is 44 percentage points ahead of the broader S&P 500 Index.

And more companies are chasing the trend. Oil and gas major Canadian Natural (NYSE:CNQ) Resources announced a special dividend Thursday of C$1.50 per share, to be paid on Aug. 31. The reward is double the company’s regular quarterly dividend of C$0.75. On Friday, EOG Resources Inc (NYSE:EOG). also declared a special dividend of $1.50 per share -- twice its own regular quarterly dividend -- likely to be paid on Sept. 29.

At this point in the cycle, Canoe’s Tahmazian said the companies declaring special dividends have differentiated themselves from their peers in the eyes of income investors. “The distributors have mostly shown their colors,” he said.

©2022 Bloomberg L.P.

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16-08-2022 19:16:33 (UTC+7)

EUR/USD

1.0131

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EUR/USD

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US Coffee C Futures

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44.435

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Adidas AG

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 EUR/USD1.0131↑ Buy
 GBP/USD1.2034↑ Buy
 USD/JPY134.32↑ Sell
 AUD/USD0.7007↑ Buy
 USD/CAD1.2902↑ Sell
 EUR/JPY136.11Neutral
 EUR/CHF0.9624↑ Sell
 Gold1,793.50↑ Buy
 Silver20.098↑ Buy
 Copper3.6253↑ Buy
 Crude Oil WTI90.48↑ Buy
 Brent Oil95.86↑ Buy
 Natural Gas9.032Neutral
 US Coffee C223.03↑ Sell
 Euro Stoxx 503,803.25↑ Sell
 S&P 5004,297.14Neutral
 DAX13,887.47↑ Sell
 FTSE 1007,559.80↑ Buy
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,503.50Buy
 BASF44.435Sell
 Bayer54.23↑ Sell
 Allianz179.85↑ Sell
 Adidas171.12↑ Sell
 Lufthansa6.748Neutral
 Siemens AG111.40↑ Sell
 Deutsche Bank AG9.019Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 19:16:35
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RON 95-V25.34025.840
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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