Apache Increases Common Dividend 18 Percent To 20 Cents Per Share
HOUSTON, Feb. 12, 2013 /PRNewswire/ -- The Board of Directors of Apache Corporation (NYSE, Nasdaq: APA) today announced that it has raised the regular quarterly cash dividend on the company's common shares to 20 cents per share, an increase of 18 percent.
"Given the strong cash-flow generating capacity of Apache's portfolio and its solid financial position, Apache's Board of Directors decided to increase the dividend again this year. Our balanced mix of oil and gas properties and opportunities, both near- and long-term, provides confidence in Apache's future and the ability to execute our growth plans," said G. Steven Farris, Apache's chairman and chief executive officer.
The dividend on common shares is payable on May 22, 2013, to stockholders of record on April 22, 2013. Apache has paid a common dividend to stockholders 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, 2013, to holders of record on April 15, 2013, 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 2011 Form 10-K, 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