Natural-gas drilling has rarely been so profitable. Yet U.S. producers say they will retire debt, buy back shares and pay dividends rather than ramp-up output.
The pursuit of stock-boosting financial maneuvers has helped shares of
,
and others shine in a down market. It also adds to concerns about low supplies and suggests higher prices ahead for the heating and power-generation fuel, which has already contributed to the sharpest inflation in four decades.
Natural-gas prices have more than doubled so far in 2022, rising at a time of year when they normally decline into mild spring weather. Futures for June delivery rose 5.8% on Wednesday to end at $8.415 per British thermal units, the highest price…
