Anadarko Petroleum increases quarterly dividend to $0.25/share from $0.20/share; authorizes a $500-mln increase to previously announced $2.5 mln share-repurchase program, bringing the total repurchase program to $3.0 bln (57.49)
"These actions to materially increase the dividend payout and expand our share-repurchase program continue to demonstrate our focus on enhancing shareholder value," said Al Walker, Anadarko Chairman, President and CEO. "In light of our commitment to capital efficiency demonstrated by investing within cash flow in a $50 oil and $3 natural gas environment, our substantial cash flow from the Western Gas franchise, and ample liquidity, we have the confidence to quintuple our dividend and increase our share-repurchase plan by $500 million to a total current program of $3 billion. As market conditions permit, we will continue to pursue opportunities to repurchase additional shares and improve our dividend. Beyond these actions to increase direct cash returns to shareholders, we are committed to debt reduction, as demonstrated by our intent to retire at par more than $1 billion of near-term maturities, while looking for economic opportunities to pursue additional liability-management activity for future maturities."