U.S. Oil Producers Prioritize Short-Term Gains Over Future Output

U.S. oil companies have prioritized shareholder returns over future output, resulting in a $128 billion windfall for investors and marking the first time in a decade that drillers spent more on share buybacks and dividends than on capital projects.  According to Bloomberg calculations, shareholders in US oil companies reaped a $128 billion windfall in 2022 thanks to a combination of global supply disruptions such as Russia’s war in Ukraine and intensifying Wall Street pressure to prioritize returns (dividends and buybacks) over…