HOUSTON, Sept. 14, 2022 (GLOBE NEWSWIRE) — The Board of Directors of APA Corporation APA announced an increase in the company’s common stock dividend to $1.00 per share from an annual rate of 50 cents per share.
The next quarterly common stock dividend is payable on November 22, 2022 to shareholders of record on October 21, 2022 at a rate of 25 cents per share on the Company’s common stock, up from 12.5 cents per share.
“Over the past year, we have significantly strengthened our balance sheet and committed to returning at least 60% of free cash flow to our shareholders through dividends and share repurchases,” said John Christmann IV, CEO and President of APA. “Most of that return is still coming from share buybacks; however, we are confident that our long-term cash flow will easily support this increase in the base dividend payment. The dividend yield is expected to exceed the current average dividend yield for the S&P 500.”
The Board of Directors also approved an additional 40 million shares as an additional share repurchase authorization.
About APA
APA Corporation owns consolidated subsidiaries exploring for and producing oil and natural gas in the United States, Egypt and the United Kingdom and exploring for oil and natural gas off the coast of Suriname and the Dominican Republic. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Additional details on Suriname, ESG performance and other investor-related topics will be posted at investor.apacorp.com.
Forward-Looking Statements
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