Apache Increases Common Dividend 13 Percent to 17 Cents Per Share
HOUSTON, Feb. 9, 2012 /PRNewswire/ -- The Board of Directors of Apache Corporation (NYSE, Nasdaq: APA) today announced it has raised the regular quarterly cash dividend on the company's common shares to 17 cents per share, an increase of 13 percent.
"Apache's Board of Directors decided to increase the dividend based on the company's strong future growth prospects and financial position. Apache earned more in the first three quarters of 2011 than in any other full year and is on track to extend production growth to 31 out of the past 33 years. With a balanced mix of oil and gas producing assets and a deep inventory of growth projects, we have confidence in Apache's future," said G. Steven Farris, Apache's chairman and chief executive officer. "The Board will continue to review the level of the common dividend annually in light of the company's further progress."
The dividend on common shares is payable on May 22, 2012, to stockholders of record on April 23, 2012. Apache has paid a common dividend to stockholders for 48 consecutive years since 1965.
The company also announced the regular cash dividend on the 6% Mandatory Convertible Preferred Stock, Series D. The dividend on the Series D preferred stock is payable May 1, 2012, to holders of record on April 15, 2012, at the rate of $15 per share, which is equivalent to 75 cents per depositary share, each representing 1/20th of a share of Series D preferred stock. The depositary shares are traded on the New York Stock Exchange under the ticker APA/PD.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, updates, investor information and all recent press releases on its website, www.apachecorp.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," and similar references to future periods. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties. These risks include, but are not limited to the volatility of oil and natural gas prices, uncertainties inherent in estimating oil and natural gas reserves, drilling risks, and other risks, uncertainties and factors discussed in Apache's 2010 Form 10-K as amended by Amendment No. 1 to our annual report on Form 10-K/A, on our Web site and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. Unless legally required, Apache assumes no duty to update these statements as of any future date.
SOURCE Apache Corporation
News Provided by Acquire Media
Posted: February 9, 2012