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
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
Moda Midstream II Receives Financial Commitment for Next Round of Development
2024-03-20 - Kingwood, Texas-based Moda Midstream II announced on March 20 that it received an equity commitment from EnCap Flatrock Midstream.
Enerflex Appoints Thomas B. Tyree to Board
2024-03-12 - Tyree currently serves on Antero Resources’ board and recently served as chairman of Northwoods Energy LLC in 2023.
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.