U.S. energy firm payouts to oil investors top exploration spending for first time, report says

, Ernst & Young LLP. U.S. energy companies have been focused on regaining favour with investors after years of overspending on production growth hurt returns and put them in the doghouse.

Spending on dividends and share buybacks by the top 50 U.S. independent oil and gas producers hit $58.8-billion last year, topping the $55.1-billion allocated to exploration and development, according to the EY research. Last year’s investor payouts were up substantially – 214 per cent over 2021 and more than sevenfold over 2020 levels, the report said. Money spent on finding and tapping oil and gas also rose, but as a much slower pace.

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