"We are pleased that Burlington's strong operational and financial performance enables us to take this new step to enhance shareholder value," said Bobby S. Shackouls, Burlington Resources chairman, president and chief executive officer. "This dividend increase is our second within a year's time, and we have also supplemented our ordinary dividend in recent years with a very active share repurchase program, consistent with our practice of returning capital to shareholders at selected times during the commodity price cycle."
Since resuming share repurchases in late 2000, Burlington has repurchased approximately 12 percent of its outstanding shares at an average cost of $23.30 per share. These totals reflect the 2-for-1 split of the company's common stock on June 1, 2004.
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