APA Corp, formerly Apache Corporation (APA), will boost its dividend by another 100 percent to 12.5 cents quarterly. This comes after a dividend hike of 150 percent to 6.25 cents quarterly per share just three months ago. This however follows a 90 percent cut in the company's quarterly dividend to $0.025 per share in 2020. The previous dividend hike by the oil company was announced in 2014.
The dividend on APA common shares is payable February 22, 2022, to stockholders of record on January 21, 2022. On an annualized basis, the dividend increases to 50 cents per share and yields 1.7% at a stock price of $29.90.
“Our second dividend increase announced in 2021 further demonstrates our commitment to returning a higher percentage of cash flow to our shareholders,” said John J. Christmann IV, APA’s CEO and president. “We have confidence in our current portfolio and ability to generate substantial free cash flow, particularly given the ongoing constructive price environment.”
APA Corp is an energy holding company. The company operates through its subsidiaries: Apache Corporation and APA Corporation Suriname. The former Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. Apache Oil Corporation was founded in 1954 in Minneapolis, Minnesota, by Truman Anderson, Raymond Plank and Charles Arnao working alongside six employees and backed by 41 shareholders who invested $250,000 in initial capital. The company’s name was changed to Apache Corporation in 1960. The former Apache has paid a dividend every year since 1965.