Companies have tried to boost their capital efficiency since oil prices started to decline in mid-2014, encouraging the higher dividend payments. Producers were as capital efficient last year as in 2014, even though oil prices were 45pc lower, according to a survey by investment bank Seaport Global of 73 leading US independents. And large asset disposals are bolstering some firms' shareholder returns at the same time. ConocoPhillips aims to repurchase $2bn worth of shares this year, up from its previous target of $1.5bn, supported by divestments totalling $16bn in 2017. The company expects cash flows to be "significantly higher" this year, owing to the recent rise in oil prices. But it will not increase spending. Management will instead follow "our priorities, by allocating excess cash flow towards dividends, the balance sheet and share buy-backs", chief executive Ryan Lance says.