Oil rises ~5% on the week, large-cap oil stocks rise ~15%, as E&Ps stick to the plan
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The first week of May brought a deluge of US energy earnings reports. While Q1 results generally exceeded Street expectations, near-term production and capital guidance was mixed. However, the sector uniformly stuck to shareholder return and long-term spending plans, driving equities higher. 
No doubt, rising oil (USO) and natural gas (UNG) prices buoyed share price performance this week. However, a sustained commitment to shareholders in the face of political pressure has been a driving force behind E&P share price performance. Diamondback (FANG), Pioneer (PXD) and Devon (DVN) all announced 10%+ shareholder returns this week. And the firm payout commitments, with a tailwind from commodity prices, drove the shares higher by 13%, 15% and 19% respectively on the week. 
Looking ahead into Q2, underlying fundamentals are likely to improve. Oil prices are are up ~12% from Q1 averages, while US natural gas prices have risen almost 75%. Demand looks strong, with CVR (CVI), Marathon (MPC), Shell (SHEL) and Par Pacific (PARR) all citing sequentially improving demand this week. Higher demand, paired with falling US production and the potential for a European oil embargo against Russia creates a favorable backdrop for E&Ps. If management teams maintain their shareholder commitments, 2022 is setting up to be another strong year for the sector.