Whitecap Resources increases dividend by 26% and signs CO2 contract extension

CALGARY, AB, Aug. 31, 2023 /CNW/ – Whitecap Resources Inc. (“Whitecap” or the “Company”) ( TSX: WCP ) is pleased to announce a 26% increase to our monthly dividend as we expect to reach our $1.3 billion net debt 1 milestone on or before September 30, 2023. We are also pleased to advise that we have signed a CO 2 supply contract extension for volumes delivered to the Weyburn Unit CO 2 enhanced oil recovery project (“Weyburn Project”) and have released our 2023 Environmental, Social and Governance (“ESG”) Report. DIVIDEND INCREASE Upon closing of the XTO acquisition on August 31, 2022, we had established net debt targets of $1.8 billion and $1.3 billion. On achieving these targets, we committed to increasing our dividend to $0.58 per share and $0.73 per share (annualized), respectively. In January 2023, we achieved our first net debt milestone of $1.8 billion and increased our monthly dividend to $0.0483 per share. We now expect to achieve our $1.3 billion net debt milestone on or before September 30, 2023, and our Board of Directors has approved a 26% increase to our monthly dividend to $0.0608 per share, effective with the October 2023 dividend, payable in November […]

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.