Eagle Ford Shale and Austin Chalk E&P Magnolia Oil & Gas Corp. said on Feb. 5 it will pay out a cash dividend of $0.13 per share of Class A common stock and a cash distribution of $0.13 per Class B unit.
Magnolia’s dividend represents a 13% increase to its quarterly dividend rate, providing an annualized dividend of $0.52 per share, the company said in a release. The dividend has increased three consecutive years since the company first initiated a dividend in 2021.
“The increase in the dividend is supported by our record of executing on our strategy and improving the business in 2023, during which Magnolia’s total production grew 9 percent and our share repurchase activities reduced our outstanding shares 4 percent,” said Chris Stavros, Magnolia’s president and CEO. “Magnolia’s principles of maintaining low leverage with disciplined capital spending, generating modest annual production growth and sustaining high pre-tax margins delivers steady and consistent free cash flow. This strategy improves Magnolia’s dividend per share payout capacity, allowing for above average and consistent annual dividend growth that is superior to that of our peers.”
The dividend is payable on March 1 to shareholders of record by Feb. 16.
Recommended Reading
Marketed: Wylease AFE Asset Packages in Johnson County, Wyoming
2024-04-29 - Wylease LLC has retained EnergyNet for the sale of three Niobrara Shale AFE (authorization for expenditure) packages in Johnson County, Wyoming.
M&A Spotlight Shifts from Permian to Bakken, Marcellus
2024-04-29 - Potential deals-in-waiting include the Bakken’s Grayson Mill Energy, EQT's remaining non-operated Marcellus portfolio and some Shell and BP assets in the Haynesville, Rystad said.
C-NLOPB Issues Call for Bids in Eastern Newfoundland
2024-04-29 - Winners of the Call for Bids No. NL24-CFB01 will be selected based on the highest total of money the bidder commits to spend on exploration of a parcel during the first six years of a nine-year license.
Tivoli Midstream Buys Southeast Texas Coast Infrastructure
2024-04-29 - Tivoli Midstream acquired the Chocolate Bayou from Ascend Performance Materials, including storage and land for development.
Talos Closes $1.29B Acquisition of GoM E&P QuarterNorth
2024-03-04 - Talos Energy closed a cash-and-stock acquisition of QuarterNorth Energy, adding scale in the Gulf of Mexico.