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Bullboard - Stock Discussion Forum
Gear Energy Ltd
T.GXE
Alternate Symbol(s):
GENGF
Energy
Oil & Gas E&P
Gear Energy Ltd. is an oil-focused exploration and production company. The Company carries on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its operations are located in three core areas: Lloydminster Heavy Oil, Central Alberta Light/Medium Oil and Southeast Saskatchewan. The Company is also engaged in focused on improving oil...
recoveries through the application of water flood technology. The key properties in the Central Alberta Light asset include Wilson Creek, Ferrier, Killam, Drayton Valley, and Chigwell.
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TSX:GXE - Post Discussion
Gear Energy Ltd
> IMPLEMENTATION OF A MONTHLY DIVIDEND
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•••
Betteryear2
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Post by
Betteryear2
on Jul 27, 2022 4:16pm
IMPLEMENTATION OF A MONTHLY DIVIDEND
With the generation of $24.6 million in free funds from operations during the second quarter and a continued strong outlook, Gear's Board of Directors has approved the implementation of a new monthly dividend of $0.01 per common share. To account for no dividend being distributed in July, the initial dividend for the month of August will be $0.02 per common share and thereafter will revert to $0.01 per common share for the following months. The $0.02 dividend will be paid on August 31, 2022 to shareholders of record as of close of business on August 15, 2022. The dividend is designated as an "eligible dividend" for income tax purposes.
After reviewing the impacts and results of the initial variable dividend payment completed in the second quarter, Gear will be revising its dividend program going forward by converting to a monthly dividend program to provide investors with more predictable returns. With the initiation of the new monthly $0.01 per share dividend, Gear still anticipates maintaining a strong balance sheet with the current forecast (using forward market pricing as of July 26, 2022) showing a continual net surplus in the future. In the first four months of 2022, Gear dedicated all of its free funds from operations to debt repayments. Under the current forecast from May 2022 to December 2022, Gear anticipates approximately 75 per cent of free funds from operations (approximately 25 per cent of funds from operations) will be returned to shareholders as dividends with the remaining free funds from operations dedicated to potential future capital expansions, cash funded acquisitions, share buybacks and/or future dividend increases. Management and the Board of Directors will continue to monitor the future commodity markets and the strength of the business to ensure that the distribution of future dividends remains aligned with all other strategic goals.
(115)
•••
Mackthenife
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Comment by
Mackthenife
on Jul 27, 2022 4:23pm
That's 10% at todays value. Not too bad!
(25)
•••
diceslinger
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Comment by
diceslinger
on Jul 27, 2022 4:44pm
On a percent basis....1.38 tomorrow
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