Arunima Kumar and Liz Hampton

(Reuters). – U.S. shale production Devon Energy (NYSE:), Diamondback(NASDAQ::) Energy and Coterra Energy both reported on Monday significant increases in profits that beat Wall Street estimates. However, they maintained production plans steady and stressed shareholder returns.

U.S. producers of oil and natural gas are facing higher oil prices. This is due to Russia’s invasion in Ukraine which has raised global supply concerns. It also caused oil futures at their highest point for years. WTI traded around $105 per barrel Monday.

Devon and Coterra posted more than fourfold increases in quarterly income on Monday. Diamondback saw an increase of more than threefold. They all increased their dividends.

Devon increased its dividend payout by 27% at a record $1.27 per Share and also increased its share purchase program by 25%, reaching $2 billion. Diamondback increased its base dividend 17%, to $2.80 per Share. Coterra received 60 cents per Share.

Devon stated that the company’s total oil production rose by 575,000 barrels (boepd), to 61.40 per boe in the last quarter. It was 499,000 boepd less than a year ago. Devon reported that its realized oil price increased to $61.40 per barrel in quarter, from $39.14.

Diamondback averaged 222 800 barrels of oil per person for the quarter. According to Diamondback, the company stated that they would continue with current production plans and described current operating conditions as challenging due to inflation and shortages of labor and materials.

Travis Stice, Chief Executive Officer of Diamondback stated in a press release that Diamondback was committed to maintaining current production levels.

“While efficient growth of our production base can be achieved over the long term, we don’t believe today is the right time,” he said. He warned that markets were still too uncertain for them to invest in increasing production.

Coterra’s adjusted profit was $818 million or $1.01 per shares, surpassing analysts’ estimates of 83c, Refinitiv International Business Economics. Diamondback reported an adjusted net income of $929 million. This is $5.20 per share. Also, this was above estimates of $4.51.

Devon in Oklahoma City saw an increase to $1.48/share for its quarter that ended March 31. It was $213million, 32 cents per shares, less than last year.

Coterra shares rose 2.6% after-hours to $28.92. Devon was up 3.2% to 60.22. Diamondback rose 0.61%, to $128.28.