For the first time ever, U.S. oil and gas firms returned more of their revenues to investors than they spent on exploration and production.
For the first time ever, U.S. oil and gas firms returned more money to investors than they spent on exploration and production.
The largest U.S. independents spent $55 billion on exploration and development and $58.5 billion on shareholders in 2022. Development and exploration costs as a percentage of netback – that is revenues less production costs – fell from 32% in 2021 to 28% in 2022, due to the ongoing shift in capital allocation toward dividends and share repurchases, E&Y said.
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