Canadian Natural Resources Limited (NYSE: CNQ), a prominent entity listed on the Toronto and New York Stock Exchanges, has recently made a significant financial announcement. The company has decided to boost its quarterly cash dividend by 11%, setting the new payout at C$1.00 per share. This development, which reflects the company’s robust financial position, sustainable business model, long-life low-decline reserves, and extensive asset portfolio, was disclosed on Thursday.
The decision to increase the dividend was driven by a deep-rooted confidence within the company’s Board of Directors. Shareholders will be pleased to note that the adjusted dividend is slated for payment on January 5, 2024, provided they are registered as shareholders by December 8, 2023. This move contributes to a remarkable 18% annual rise, bringing the total dividend for 2023 to $4.00 per share. This marks the 24th consecutive year of dividend increases for Canadian Natural Resources, emphasizing a robust compound annual growth rate (CAGR) of 21%. CNQ operates in various regions, including Western Canada, the U.K. North Sea, and Offshore Africa.
In related news from the energy sector on Thursday, InPlay Oil Corp., an Alberta-based company that specializes in light oil production, announced an “eligible dividend” for its shareholders registered by November 15, 2023. The dividend is expected to be disbursed by the end of November. InPlay Oil Corp. focuses on operations related to properties with drilling development potential, enhanced oil recovery, and exploration opportunities on undeveloped lands. The company’s shares are actively traded under the symbols TSX: IPO on the Toronto Stock Exchange and OTCQX: IPOOF on the OTCQX Exchange.
