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Pioneer Natural Resources and EOG Resources Hike Dividends As Oil and Gas Exploration Activity Gains Momentum

Crude oil prices have experienced a sharp rally since November, helping many exploration and production companies exceed estimates during the fourth quarter.

While prices experienced a bump in the road last week, the market has been bullish on the impact of COVID-19 vaccine rollouts and the potential for economic stimulus to spur greater economic activity ahead.

Pioneer Natural Resources Co. (PXD) is a large independent oil and gas production business with a significant presence in Texas. The company generated about half of its revenue from oil and gas and half from the sale of purchased commodities, with nearly 90% of its revenue from both categories coming from crude oil in 2020.

The company raised its quarterly dividend 1.8% to $0.56 per share, which represents a 1.38% forward yield. The dividend is payable on April 14, 2021, to shareholders on record as of March 31, 2021.

EOG Resources Inc. (EOG) is another crude oil and natural gas exploration and production firm with reserves in the U.S., Trinidad and China. The company generated about half of its revenue from crude oil and condensate, a fifth of its revenue from gathering, processing and marketing, and 10% from gains on mark-to-market derivatives in 2020.

The company raised its quarterly dividend by 10% to $0.4125 per share, which represents a 2.39% forward yield. The dividend is payable on April 30, 2021, with an ex-dividend date of April 15, 2021.

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