Occidental Also Announced Its Intention To Increase The Quarterly Common Stock Dividend From $0.18 To $0.22 Per Share, Beginning With The February 2024 Declaration
Portfolio Pulse from Benzinga Newsdesk
Occidental (OXY) plans to increase its quarterly common stock dividend from $0.18 to $0.22 per share starting February 2024. The company also announced the acquisition of CrownRock's assets, which is expected to add scale in the Midland Basin and drive value creation for shareholders with immediate free cash flow accretion. Occidental's CEO Vicki Hollub expressed confidence in integrating CrownRock's team and continuing Occidental's operational and financial success. CrownQuest Operating CEO Tim Dunn praised the acquisition as beneficial for all parties involved.
December 11, 2023 | 12:43 pm
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Occidental intends to raise its quarterly dividend to $0.22 and has acquired CrownRock's assets, signaling a strategic move to enhance its portfolio and shareholder returns.
The announcement of a dividend increase typically signals confidence in a company's financial health and future prospects, which can be positive for investor sentiment. The acquisition of CrownRock's assets is seen as a strategic fit that will likely contribute to Occidental's growth and operational efficiency, potentially leading to an increase in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100