U.S. shale companies top Wall Street estimates, focus on returns – Reuters

U.S. shale companies top Wall Street estimates, focus on returns – Reuters

May 2 (Reuters) - U.S. shale producers Devon Energy (DVN.N), Diamondback Energy (FANG.O) and Coterra Energy on Monday reported sharp increases in profit that beat Wall Street estimates, but held production plans steady as they stressed a focus on shareholder returns.

U.S. oil and gas producers are facing a windfall from higher energy prices, as Russia's invasion of Ukraine has stoked global supply concerns and sent oil futures to their highest levels in years. On Monday, WTI was trading around $105 a barrel.

Devon and Coterra reported more than a four-fold rise in quarterly income on Monday, while Diamondback's profit rose more than three-fold.All three increased their dividends.