Murphy Oil Corporation (MUR) will raise its dividend for the second time in 2022 with a 16.7 percent increase to 17.5 cents quarterly. This follows a 20 percent hike announced by MUR earlier in 2022. Murphy Oil however did cut its quarterly dividend by 50.0 percent to $0.125 per share in 2020. The company also cut its dividend by 28.6 percent to 25 cents quarterly in 2016.

The increased MUR dividend is payable on June 1, 2022, to stockholders of record as of May 16, 2022. A new annual dividend rate of 70 cents per share yields 1.7% at a stock price of $40.35. The ex-dividend date is May 13, 2022 and Murphy Oil will now pay an estimated $108 million in dividends annually to shareholders.

Murphy Oil Corporation is a global oil and natural gas exploration and production company. The Company was originally incorporated in Louisiana in 1950 as Murphy Corporation. Murphy’s exploration and production activities are subdivided into three geographic segments, including the United States, Canada, and all other countries. Additionally, Corporate activities include interest income, interest expense, foreign exchange effects, corporate risk management activities and administrative costs not allocated to the segments. The company’s corporate headquarters are located in El Dorado, Arkansas.