APA Corporation Increases Cash Dividend on Common Shares

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.

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 150% from the previous annualized level of 10 cents per share.

“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 $57 million to our shareholders annually, an amount that is more than funded by the interest expense savings associated with our recent $1.7 billion debt tender,” said John J. Christmann IV, APA’s CEO and president. “We have confidence in the quality of our underlying core assets and the long-term sustainability of their free cash flow generating capacity. We look forward to demonstrating that to the market and to further increasing the dividend as we continue to make progress on debt reduction.”

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

APA-F

 

FAQ

What is the new dividend amount for APA Corporation?

The new quarterly dividend is 6.25 cents per share.

When is the dividend payment date for APA Corporation?

The dividend is payable on Nov. 22, 2021.

What was the previous annualized dividend amount for APA Corporation?

The previous annualized dividend amount was 10 cents per share.

How much additional cash is being returned to shareholders with the dividend increase?

An additional $57 million is being returned to shareholders annually.

When is the record date for the dividend payment for APA Corporation?

The record date for the dividend payment is Oct. 22, 2021.