The world’s largest international oil and gas companies are expected to accelerate share repurchases, and some could raise dividends next week when Big Oil is expected to report another very strong quarter.

Energy portal Oilprice.com in a report on Sunday (July 24) said shareholders could be in for higher returns as Shell, BP, TotalEnergies, Exxon, and Chevron are all forecast to post exceptional and possibly record quarterly earnings for the second quarter due to high commodity prices and multi – year – high refining margins.

It said some of the top international oil majors have already announced expectations of blockbuster earnings — especially in their refining divisions — for the second quarter (2Q).

The portal said analysts expect at least some of them to step up share buybacks and some even to announce an increase in dividends amid record cash flows and record or near-record earnings.

Oilprice.com said the 2Q earnings for the top majors are forecast to be even higher than the already blockbuster earnings reported for 1Q.

Oil above US$100 per barrel throughout 2Q and surging refining margins amid rebounding gasoline demand will help Big Oil beat in 2Q the blowout earnings from 1Q, companies signaled and analysts say.

The portal said Big Oil’s shareholders could see their returns much improved in the coming months as companies report 2Q earnings over the next week.

Previewing 2Q results, firms have said they expect “exceptional” earnings, particularly in their refining divisions, it added.

• The Edge Markets