Anadarko Declares Dividend and Authorizes Stock Repurchase Plan
Anadarko Petroleum's (NYSE:APC) Board of Directors has declared quarterly dividends on two classes of the company's stock. The company also announced that it has authorized a stock repurchase plan of up to $1 billion that is expected to be exercised periodically over the next two years.
"Anadarko continues to invest a significant amount of capital - this year our program is expected to be $3.1 to $3.3 billion - that we put back in the ground to find and develop energy resources. Due to a prudent focus on investor returns, we have authorized the potential repurchase of company stock as appropriate," said Jim Hackett, Anadarko President and CEO.
A dividend of 18 cents per share was declared on the company's outstanding common stock, payable on Dec. 28, 2005, to stockholders of record at the close of business on Dec. 14, 2005.
A dividend of $13.65 per share (equivalent to $1.365 per Depositary Share) was declared on the company's 5.46% Series B Cumulative Preferred Stock, payable on Dec. 30, 2005, to stockholders of record at the close of business on Dec. 15, 2005.
The amount of future dividends for Anadarko common stock will depend on earnings, financial condition, capital requirements and other factors. The Board of Directors will determine dividends on a quarterly basis.
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