Continental Resources Inc. (CLR) will reinstate the quarterly dividend with a first payment of 11 cents per share. Last year CLR suspended its quarterly dividend because of the COVID-19 pandemic. In 2019 the oil company started paying a quarterly dividend of $0.05 per share.
The Company's Board of Directors approved the reinstatement of the quarterly dividend at $0.11 per share on the Company's outstanding common stock, payable on May 24, 2021 to stockholders of record on May 10, 2021. This dividend is double the Company's previous quarterly dividend and underscores the Company's commitment to delivering strong shareholder capital returns.
"Continental's outstanding first quarter results and accelerated shareholder returns, which includes our reinstated dividend and exceptional progress on debt reduction, underscore Continental's commitment to delivering strong cash flow generation, consistent asset performance and operational excellence," said Bill Berry, Chief Executive Officer.
Continental Resources is an independent crude oil and natural gas company formed in 1967 engaged in the exploration, development, and production of crude oil and natural gas in the North, South and East regions of the United States. The company also pursues the acquisition and management of perpetually owned minerals located in its key operating areas. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken, and the Red River units. The South region includes all properties south of Nebraska and west of the Mississippi River including various plays in the SCOOP and STACK areas of Oklahoma. The East region is primarily comprised of undeveloped leasehold acreage east of the Mississippi River with no significant drilling or production operations.