Canadian Natural Resources Ltd. is sharing more of its wealth with investors after cash flow doubled in the second quarter.
The Calgary-based oil and gas producer announced Thursday it will pay a special dividend of $1.50 per share on Aug. 31 to shareholders of record on Aug. 23.
That makes Canadian Natural the latest energy producer to either dish out a special payment to shareholders or hike the regular dividend as higher energy prices have bolstered surplus cash. Notably, Tourmaline Oil Corp. last week declared its third special dividend so far this year, and said it expects to announce quarterly special payments through next year.
“Strong execution across the Company's operations year-to-date has resulted in substantial free cash flow generation driven by our top tier long life low decline assets with low maintenance capital requirements and our low cost structure. As a result, our financial position continues to strengthen, allowing for incremental returns to shareholders,” said Canadian Natural Chief Financial Officer Mark Stainthorpe in a press release.
Canadian Natural also said Thursday that its cash flow from operating activities soared to almost $5.9 billion in the second quarter from $2.9 billion a year earlier. After adjustments, including dividend payments, Canadian Natural said its free cash flow was $3.3 billion in the quarter. The company also raised its full-year capital expenditure forecast to as much as $4.9 billion from $4.3 billion, and nudged up its production forecast for the year. In the second quarter, Canadian Natural said its output rose to 1.2 million barrels of oil equivalent per day from about 1.1 million a year ago.
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