Canadian Natural Resources Ltd. is sharing more wealth with investors after cash flow doubled in the second quarter.
The Calgary-based oil and gas producer announced Thursday that it will pay a special dividend of $1.50 per share on Aug. 31 to shareholders of record on Aug. 23.
That makes Canadian Natural the latest energy producer to offer a special payout to shareholders or increase its regular dividend as higher energy prices have boosted cash surpluses. In particular, Tourmaline Oil Corp. declared its third special dividend so far this year last week and said it expects to announce quarterly special payments through next year.
“The company’s strong year-to-date operating execution has resulted in substantial free cash flow generation driven by our long-lived, low-end assets with low maintenance capital requirements and our low-cost structure. As a result, our financial position continues to strengthen, enabling incremental returns for shareholders,” Canadian Natural CFO Mark Stainthorpe said in a press release.
Canadian Natural also said Thursday that its cash flow from operating activities soared to nearly $5.9 billion in the second quarter from $2.9 billion a year earlier. After adjustments, including dividend payments, Canadian Natural said its free cash flow was $3.3 billion in the quarter.
The company also raised its full-year capital spending forecast to $4.9 billion from $4.3 billion and raised its production forecast for the year. In the second quarter, Canadian Natural said its production rose to 1.2 million barrels of oil equivalent per day from 1.1 million a year ago.