APA Corporation Increases Cash Dividend on Common Shares
APA Corporation (Nasdaq: APA) announced an increase in its quarterly cash dividend from 2.5 cents to 6.25 cents per share, marking a substantial growth of 150% from the previous annualized rate of 10 cents.
Sentiment and the balance of points
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Rhea-AI Summary
APA Corporation (Nasdaq: APA) announced an increase in its quarterly cash dividend from 2.5 cents to 6.25 cents per share, marking a substantial growth of 150% from the previous annualized rate of 10 cents.
The dividend is payable on Nov. 22, 2021, to stockholders of record on Oct. 22, 2021, returning an additional $57 million annually to shareholders. CEO John J. Christmann IV highlighted this move as part of a strategy to return more cash flow to investors while noting the positive impact of recent debt reduction efforts.
Positive
- Quarterly dividend increased to 6.25 cents per share, up from 2.5 cents.
- Annualized dividend rises to 25 cents per share, a 150% increase.
- $57 million returned to shareholders annually, fully funded by interest expense savings.
- Progress made on $1.7 billion debt reduction enhances financial stability and shareholder returns.
Negative
- None.
Details
News Market Reaction – APA
The recorded move for APA in the trading session of this news was -0.74%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Sept. 20, 2021 (GLOBE NEWSWIRE) -- The board of directors of APA Corporation (Nasdaq: APA) has declared a regular cash dividend on the company's common shares, increasing the quarterly dividend rate to 6.25 cents per share, up from 2.5 cents per share.
The dividend on APA common shares is payable Nov. 22, 2021, to stockholders of record on Oct. 22, 2021. On an annualized basis, the dividend increases to 25 cents per share, up
“APA’s dividend increase represents a prudent first step on our path to returning a higher percentage of cash flow to our shareholders. This follows the considerable progress we are making this year on debt reduction. The new dividend returns an additional
About APA
APA Corporation owns consolidated subsidiaries that explore for and produce oil and gas in the United States, Egypt and the United Kingdom and that explore for oil and gas offshore Suriname. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Specific information concerning Suriname, ESG performance and other investor-related topics are posted at investor.apacorp.com.
Contacts
| Investor: | (281) 302-2286 | Gary Clark |
| Media: | (713) 296-7276 | Phil West |
| Website: | www.apacorp.com |
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