Dividend Increase: Marathon Oil is increasing its dividend to 11 cents per share. This represents a 10% increase in the dividend payout. The dividend is set to be payable on December 11, 2023, to shareholders who are recorded as of November 15, 2023.
Share Repurchase Program: The company plans to finance this dividend increase through its share repurchase program. By repurchasing shares, the company aims to reduce the number of outstanding shares in the market. This strategy can lead to a higher per-share value for existing shareholders.
Commitment to Sustainable Dividend Growth: Marathon Oil’s announcement underscores its strategic approach to balancing the share repurchase program with a commitment to delivering competitive returns through sustainable dividend growth per share. This approach suggests the company’s intention to provide consistent and competitive returns to its shareholders over time.
In other news, Norfolk Southern Corp (NYSE:NSC) also declared a quarterly dividend of $1.35 per share on its common stock. The dividend will be due on November 20 for shareholders recorded as of November 3. This announcement highlights Norfolk Southern Corp’s long-standing tradition of paying dividends, having done so for 165 consecutive quarters.
