This post was originally published on this site
Oil prices have climbed to their highest in more than a decade during the quarter as Russia’s invasion of Ukraine upended global supply dynamics. U.S. oil is around $102 a barrel, while Brent is trading at $106.5 a barrel.
Strong prices have encouraged drilling activity, lifting the U.S. rig count to 673 at the end of the first quarter, up almost 15% from late 2021, according to Baker Hughes data.
The company also approved 40% increase in the quarterly cash dividend to 17.5 cents per share.
The company posted net income of $510 million, or 36 cents per share, in the three months ended March 31, compared with $299 million, or 21 cents per share, a year earlier.
