and a differentWhitecap Resources Boosts Dividend by 8% as it Closes C$250 Million Purchase of Kicking Horse Oil & Gas
08:38 AM EDT, 05/17/2021 (MT Newswires) -- Whitecap Resources (WCP.TO) on Monday said it is raising its dividend by 8% as it closed the C$250 million acquisition of Kicking Horse Oil & Gas and renewed its share buyback program.
The company said it is raising its monthly payout to C$0.01625 per share from C$0.01508.
The boost comes as the conventional oil producer said its discretionary cash flow will top C$200 million even after its dividend payout.
The company also said it received exchange approval to buy back and cancel up to 29.89 million shares, 5% of its outstanding shares, in the next 12 months through a normal-course issuer bid. It bought back 2.5 million shares under its expiring buyback program.
Whitecap acquired Kicking Horse from Quantum Energy Partners to add production and exploration lands in the Montney shale region in Western Canada.
The company's shares closed up C$0.17 to C$5.61 Friday on the Toronto Stock Exchange.
Price: 5.61, Change: +0.17, Percent Change: +3.13