Second-quarter 2024 is underway and companies are declaring dividends.
Here is a selection of upstream, midstream and service and supply companies’ dividends declared for the week of May 6.
Upstream
Baytex Energy
Calgary, Alberta-based Baytex Energy Corp. declared a quarterly cash dividend of approximately CA$0.02 (US$0.015) per share, to be paid on July 2 to shareholders of record as of June 14.
Crescent Point
Crescent Point Energy Corp.’s board of directors declared a quarterly cash base dividend of approximately $0.12 per share.
The base dividend is payable on July 2 to shareholders of record on June 15.
On May 10, Crescent Point shareholders approved renaming the E&P to Veren Inc., effective immediately.
Veren's shares are expected to begin trading under its new symbol "VRN" on the Toronto Stock Exchange and New York Stock Exchange on or around May 15.
Enerplus
North American E&P Enerplus Corp. declared a quarterly cash dividend on May 8.
The dividend is approximately US$0.07 per share and will be payable on June 4 to shareholders of record as of the close of business on May 22.
The ex-dividend date for the payment is May 21.
The US$0.07 per share dividend is equivalent to approximately CA$0.09 per share at the exchange rate of 1.37. The Canadian dollar equivalent dividend will be based upon the exchange rate between the countries closer to the payment date.
Vaalco
Houston, Texas-based Vaalco Energy Inc. declared a quarterly cash dividend approximately $0.06 per share of common stock for the second quarter of 2024, the company announced May 7.
The dividend, $0.25 per share annualized, will be payable on June 21 to stockholders of record at the close of business on May 17.
“We paid $0.13 per share in 2022, $0.25 per share in 2023 and with this declaration, we are on track to deliver another $0.25 per share in 2024,” Vaalco CEO George Maxwell said in the company’s press release.
Midstream
Pembina Pipeline
Pembina Pipeline Corp.’s board declared a common share cash dividend for the second quarter of 2024 of CA$0.69 (US$0.50) per share.
For shareholders receiving their dividend in the U.S., the cash dividend is expected to be approximately US$0.50 per share (before the deduction of applicable Canadian withholding tax) based on a currency exchange rate of approximately 0.73. The actual U.S. dollar dividend will depend on the Canada-U.S. exchange rate on the day of payment and will be subject to applicable withholding taxes.
The dividend will be paid on June 28 to shareholders of record as of June 17.
Service & Supply
Atlas Energy Solutions
Atlas Energy Solutions Inc.’s board on May 6 declared an increased dividend to common stockholders of $0.22 per share.
The dividend includes a $0.16 per share base dividend and a $0.06 per share variable dividend. The dividend will be paid on May 23 to shareholders of record at the close of business on May 16.
Materion Corp.
On May 9, Materion Corp.’s board declared a second-quarter 2024 dividend of approximately $0.14 per share of common stock at an increase of $0.005 per share.
The dividend is payable on June 7 to shareholders of record as of the close of business on May 23.
Materion is a provider of advanced materials solutions for high-performance industries, including energy, semiconductor, industrial, aerospace and defense and automotive.
TGS
TGS ASA declared a US$0.14 per share quarterly dividend on May 8, equivalent to NOK 1.52 per share, for the second quarter of 2024.
The payment date is June 3 for shareholders eligible according to the set record date of May 21.
TGS is a data intelligence provider to companies in the energy sector, and also provides ocean bottom node data acquisition and cloud-based data applications and solutions.