Birchcliff Energy announces 900% dividend increase
BNN Bloomberg
Birchcliff Energy Ltd. announced a 900 per cent increase to its quarterly dividend Wednesday, as the company moved to fulfill its previous commitment of returning capital to shareholders.
The new quarterly dividend will be valued at $0.20 per common share for the quarter ending March 31, 2023, according to a news release from the Calgary-based oil company. The dividend was previously valued at $0.02 per share.
The dividend increase comes alongside approval from Birchcliff Energy’s board regarding its new five-year plan, which focuses on delivering returns to shareholders while investing in profitability and long-term sustainability.
“We're not chasing production, we're chasing cash flow and margin. And enough cash flow to fund capex and that dividend and not draw down debt so we don't run into the balance sheet issue ever, period,” Jeffrey Tonken, the Birchcliff Energy chief executive officer, said in an interview with BNN Bloomberg Thursday.
