Burlington Resources Increases Quarterly Dividend on Common Stock
The board of directors of Burlington Resources Inc. (NYSE: BR) declared a quarterly dividend of 10 cents per share on the company's common stock, which represents a 1.5 cent or approximately 18 percent increase in the dividend. The new quarterly rate results in an annual dividend of 40 cents per share of common stock, compared to the previous annual dividend of 34 cents per share. This increase, the third in three years, follows dividend increases of 13 percent in 2004 and 9 percent in 2003. The dividend is payable on Oct. 11, 2005 to stockholders of record on Sept. 9, 2005.
"Our primary goal as a company is to enhance shareholder value, and Burlington's continuing operational and financial performance once again enables us to return additional capital to shareholders through this dividend increase," said Bobby S. Shackouls, chairman, president and chief executive officer. "During the second quarter, we also stepped up the rate at which we are repurchasing our stock, which is another form of returning capital to shareholders."
During the first half of 2005, Burlington repurchased more than
nine million shares of common stock for approximately $444 million.
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