TORONTO – Pacific Rubiales Energy Corp. (TSX:PRE), a Canadian oil and gas producer focused mainly on South America, says its quarterly cash dividend will be increased by 50 per cent with the next payout to shareholders.
The Toronto-based company, which gets most of its production in Colombia, says its dividend will increase by 5.5 cents per share to 16.5 cents US per share, payable June 28.
Based on the Friday closing price for the company’s stock, the dividend would yield about three per cent annually.
“Pacific Rubiales is committed to delivering a dividend that is reliable, sustainable and competitive,” said Ronald Pantin, the company’s chief executive officer
“Today’s 50 per cent increase to our dividend is a clear demonstration of our aim to balance long-term growth with returns and our confidence in the sustainability of future earnings and cash flow, under-pinned by our expectation of continued growth in production.”
Pacific Rubiales owns 100 per cent of four companies operating in Colombia: Meta Petroleum Corp., Pacific Stratus Energy Colombia Corp., PetroMagdalena Energy Corp. and C&C Energia Ltd.
It also has producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.