Mexco Energy Corporation Declares Special Dividend on Common Shares
Rhea-AI Summary
Mexco Energy declared a regular annual cash dividend of $0.10 per common share and authorized the use of up to $1,000,000 to repurchase shares of the Company's common stock. The Company's Board of Directors replaced the previously authorized $1,000,000 common stock repurchase program. Mexco Energy is an independent oil and gas company engaged in the acquisition, exploration, and development of oil and gas properties primarily in the Permian Basin.
Positive
Mexco Energy declared a regular annual cash dividend of $0.10 per common share, providing a return on investment for shareholders.
The Company authorized the use of up to $1,000,000 to repurchase shares of the Company's common stock, potentially increasing shareholder value.
The Company's engagement in the acquisition, exploration, and development of oil and gas properties in the Permian Basin indicates a focus on growth and expansion.
Negative
Decisions regarding the payment of dividends are subject to various considerations, including the Company's liquidity and capital resources, potentially impacting future dividend payments.
The Company can provide no assurance that dividends will be authorized or declared in the future, introducing uncertainty for investors.
The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors, leading to volatility in the Company's stock price.
News Market Reaction
On the day this news was published, MXC declined 2.81%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MIDLAND, TX, April 30, 2024 (GLOBE NEWSWIRE) -- Mexco Energy Corporation (NYSE American: MXC) announced today that its Board of Directors declared a regular annual cash dividend of
The Company’s Board of Directors also authorized the use of up to
Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.
Dividends are authorized and determined by the Company's Board of Directors in its sole discretion. Decisions regarding the payment of dividends are subject to a number of considerations at the time, including without limitation, the Company's liquidity and capital resources, the Company's results of operations and anticipated future results of operations, the level of cash reserves the Company maintains to fund future capital expenditures or other needs, and other factors that the Board of Directors deems relevant. The Company can provide no assurance that dividends will be authorized or declared in the future or the amount of any future dividends.
Amount authorized for the repurchase program is determined by the Company's Board of Directors in its sole discretion. Under Mexco Energy Corporation’s common stock repurchase program, the Company may repurchase shares in accordance with applicable securities laws. The stock repurchase program does not have an expiration date and may be modified, suspended or terminated at any time by the Board of Directors.
For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer, at Mexco Energy Corporation, (432) 682-1119.
FAQ
What is the amount of the regular annual cash dividend declared by Mexco Energy ?
Where is Mexco Energy located?
What type of company is Mexco Energy ?
How can shareholders benefit from the authorization of $1,000,000 for share repurchase?
What factors influence decisions regarding the payment of dividends by Mexco Energy ?
