Energy firms have sharply increased shareholder returns on the back of high energy prices after years of overspending on production growth.
Oil and gas companies led all industries in cash distribution to shareholders in 2022, with a combined 8% dividend and buyback yield, Deloitte said.
But investors holding $2.3 trillion of equity in the global oil and gas industry are changing their expectations about growth markets faster than energy company executives, Deloitte said.
About 75% of surveyed investors stated that they would continue holding shares to accelerate investments in lower-carbon technologies, even if yields shrank to as little as 3%.
About 43% of surveyed investors emphasized battery storage as their key area for investment.
Persons:
Chen Aizhu, Kate Hardin, Hardin, Sabrina Valle, Jamie Freed
Organizations:
China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Deloitte, . Energy, Oil, Exxon Mobil, Chevron, BP, Shell, Thomson
Locations:
China, Dalian, Liaoning province, HOUSTON