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‘Permian Week’ Has Shale Producers Competing for Dividend Growth

  • Concho Resources hikes its payout by 60%, Devon Energy by 22%
  • The sector has come under pressure to improve investor returns
Oil-Bust Veterans Brace For Storm Unseen By Shale-Boom Neophytes
Photographer: Brittany Sowacke/Bloomberg
Updated on

Three shale producers are fighting to show which one can grow its dividend the most as investors demand better returns from the oil and gas industry.

Concho Resources Inc., Diamondback Energy Inc. and Devon Energy Corp. rose Wednesday after reporting earnings and full-year guidance that appear to show they’re heeding calls to stop prioritizing growth over returns. The three independent explorers were among the first to post fourth-quarter results in what Mizuho Securities analyst Paul Sankey has dubbed “Permian Week.” Several other drillers in the West Texas patch are also due to report this week.