‘Dividend fireworks’ elevate Concho, Devon, Diamondback – Concho Assets Inc. (NYSE:CXO)

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    Shares in shale producers Concho Assets (CXO +7.6%), Devon Power (DVN +2.6%) and Diamondback Power (FANG +6.6%) are all sharply higher, as “dividend fireworks blaze a vivid mild in a darkish sky for oil and fuel shares.”

    Alongside its This autumn earnings report, Concho mentioned it will raise its quarterly dividend by 60% to $0.20/share and cut its 2020 planned capex by ~10% from the earlier yr to $2.6B-$2.8B.

    Devon mentioned it will hike its dividend by 22% to $0.11/share and trimmed the top end of its 2020 E&P budget by $50M to $1.7B-$1.85B vary.

    Diamondback doubled its dividend to $0.37/share and plans extra will increase, as CFO Kaes Van’t Hof says “the one constant message we have heard from our massive shareholders is that they need the dividend bigger sooner.”

    Diamondback expects to spend $2.8B-$3B in 2020, roughly flat with final yr.





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