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First-quarter earnings season is here and companies are returning cash to shareholders through dividends.
Here is a selection of upstream, midstream and downstream company dividends declared for the week of April 29.
Upstream
NOG
Non-op E&P Northern Oil and Gas Inc.’s board of directors declared a quarterly cash dividend on May 2.
The dividend amounts to $0.40 per share of common stock, payable on July 31 to stockholders of record at the close of business on June 27.
NOG acquires and invests in non-operated minority working and mineral interests in basins throughout the U.S.
Magnolia Oil & Gas
Austin Chalk and Eagle Ford operator Magnolia Oil & Gas Corp.’s board of directors declared a quarterly cash dividend of $0.13 per share of Class A common stock and a cash distribution of $0.13 per Class B unit on May 2.
The dividend is payable on June 3 to shareholders of record as of May 13, 2024.
Occidental
Occidental Petroleum Corp. declared a quarterly cash dividend of $0.22 per share on its common stock, the company announced on May 1.
The dividend is payable July 15 to stockholders of record by June 10.
Midstream
Cheniere Partners
Sabine Pass LNG terminal owner Cheniere Energy Partners LP declared quarterly distributions on April 29 for itself and its general partner.
Cheniere Partners declared a cash distribution of $0.81 per common unit to unitholders of record as of May 9. The dividend is comprised of a base amount equal to $0.78 and a variable amount equal to approximately $0.04.
Cheniere Partners also declared a related distribution to its general partner. The distributions are payable on May 15.
Cheniere Partners owns the Sabine Pass LNG terminal in Cameron Parish, Louisiana. The terminal includes natural gas liquefaction facilities consisting of six liquefaction trains with a total production capacity of approximately 30 million tonnes per annum of LNG.
Gibson Energy
Canadian liquids infrastructure company Gibson Energy Inc.’s board of directors approved a quarterly dividend, the company announced on April 29.
The quarterly dividend is CA$0.41 per common share and payable on July 17 to shareholders of record as of the close of business on June 28.
TC Energy
TC Energy Corp.’s board of directors declared a quarterly dividend of CA$0.96 (US$0.70) per common share for the quarter ending June 30, on the company’s outstanding shares.
The dividend is payable July 31 to shareholders of record as of June 28.
Williams
Williams Cos.’s board of directors approved a regular dividend of approximately $0.48 per share, $1.90 annualized, on the company’s common stock.
The dividend will be payable on June 24 to holders of record on June 7.
The quarterly cash dividend is a 6.1% increase from Williams’ second-quarter 2023 quarterly dividend of approximately $0.45 per share, paid in June 2023.
Service & Supply
Kodiak Gas Services Inc., Kodiak Gas Services LLC
Kodiak Gas Services Inc., provider of energy infrastructure and contract compression services, declared a cash dividend on May 2 of $0.38 per share of common stock for the first quarter of 2024.
The common stock dividend will be paid on May 20 to stockholders of record as of the close of business on May 13.
Kodiak Gas Services LLC, a subsidiary of Kodiak, also declared a $0.38 per unit cash distribution for the first quarter. The distribution will be paid on May 20 to unitholders of record on May 16.
Downstream
Sunoco LP
Sunoco LP declared a quarterly distribution on May 3, representing a 4% increase, for the first quarter of 2024 of approximately $0.88 per common unit, or $3.50 annually.
Sunoco also closed on its acquisition of NuStar Energy LP on May 3.
The distribution will be paid on May 20 to common unitholders of record as of May 13, including former NuStar unitholders who received Sunoco units upon the transactions’ closing.
Following NuStar unitholders’ approval of the transaction on May 1, the companies agreed that in addition to Sunoco’s distributions for the first quarter of 2024, NuStar common unitholders will receive 0.4% of a Sunoco common unit for each NuStar unit held.
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