EXCO Resources announced that its Board of Directors approved the commencement of a dividend program at an initial quarterly cash dividend rate of $0.025 per share of EXCO's common stock. The first quarterly dividend of $0.025 per share is payable on October 26, 2009 to holders of record on October 12, 2009. Any future declaration of dividends, as well as the establishment of record and payment dates, is subject to the approval of EXCO's Board of Directors.
Douglas H. Miller, EXCO's Chief Executive Officer, commented, "We are pleased to reward our shareholders with this dividend program. We have recently significantly reduced our debt and strengthened our financial position through the alliance with BG Group and the success of our asset divestiture program. As a result, our expected free cash flow is sufficient to enable us to begin paying a cash dividend to our shareholders. This dividend program reflects the Board's confidence in our business strategy, the strength of our balance sheet and our commitment to creating value for our shareholders while broadening our investor base."
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