Canadian Natural Resources (TSX:CNQ) Limited (NYSE:CNQ), listed on the Toronto and New York Stock Exchanges, announced an 11% increase in its quarterly cash dividend to C$1.00 per share on Thursday. The firm's robust balance sheet, sustainable business model, long life low decline reserves, and expansive asset base have inspired confidence in the Board, leading to this decision. The revised dividend will be payable on January 5, 2024, to shareholders registered by December 8, 2023. This increase contributes to an annual rise of 18% to $4.00 per share for 2023, marking the company's 24th consecutive year of dividend increases with a compound annual growth rate (CAGR) of 21%. CNQ operates in Western Canada, the U.K. North Sea, and Offshore Africa.
In other energy sector news from Thursday, InPlay Oil Corp., an Alberta-based company specializing in light oil production, declared an "eligible dividend" for its shareholders registered by November 15, 2023. The dividend is set to be paid at the end of November. InPlay's operations involve properties with potential for drilling development, enhanced oil recovery, and exploration possibilities on undeveloped lands. The firm's shares are traded under symbols TSX: IPO and OTCQX: IPOOF on the Toronto Stock Exchange and OTCQX Exchange respectively.
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