BP and Shell Dish Out Bonanza Payouts to Shareholders as Climate Crisis Rages

“Big Oil is Paying Out Years of Dividends in One Day”, ran one Bloomberg headline last year, as rising energy prices continued to cripple consumers.
In November, the financial news organisation Barron’s noted that “Oil Companies Lift Their Dividends as Cash Rolls In”, while a few months later, Reuters reported “Bumper profits fuel surge in dividends, buybacks at oil firms”. The bonanza continued as a number of oil firms recorded profits for the last quarter of 2022. And in February 2023, Forbes led with the headline “We’ve Struck Oil: 3 Energy Plays Yielding Up To 11% in Dividends.”
Oil company dividends should be, according to market logic, negatively influenced by several factors, including the shifting energy balance towards renewables, increasing regulatory pressure to reduce emissions, and the rise of divestment campaigns. Indeed these shifts towards a low-carbon economy led many to expect a decline in demand for fossil fuels, with investors expected to become increasingly concerned about the long-term sustainability of oil companies. However, oil companies continue to make record cash payouts to their shareholders, the campaign group Corporate Watch says in a new report.

https://bylinetimes.com/2023/08/22/bp-and-shell-dish-out-bonanza-payouts-to-shareholders-as-climate-crisis-rages/

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