The new quarterly dividend will be valued at $0.20 per common share for the quarter ending March 31, 2023, according to afrom the Calgary-based oil company. The dividend was previously valued at $0.02 per share.
“We're not chasing production, we're chasing cash flow and margin. And enough cash flow to fund capex and that dividend and not draw down debt so we don't run into the balance sheet issue ever, period,” Jeffrey Tonken, the Birchcliff Energy chief executive officer, said in an interview with BNN Bloomberg Thursday.
“Meaning that's our break over [point] where we could not fund all of our dividend and our capital expenditures out of just straight cash flow. We're good to US$70 oil and [an] average [of] $3 [natural] gas. We're pretty comfortable that those averages, if we get down to that, we still can fund our dividend and not have to draw down debt,” Tonken said.
“And of that $300 million, we are going to give our shareholders $213 million, 80 cents a share or 20 cents a quarter. So that leaves us with $87 million of excess funds. If oil averages US$70 this year and natural gas averaged $3, that $87 million would disappear,” he said. Birchcliff Energy is a “different company” today then it was three years ago, said Tonken, as it has paid around $920 million of its debt during that time.
Source: News Formal (newsformal.com)
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