Noble Energy unveils stock split, lifts quarterly dividend 12%
BY NATHALIE TADENA
HOUSTON -- Noble Energy board has approved a two-for-one stock split as well as a 12% quarterly dividend increase, as it looks to boost shareholder value.
Noble Energy said the additional shares will be distributed on May 28 to shareholders of record at the close of business on May 14. The company also said it is raising its quarterly payout by three cents to 28 cents a share.
"I am confident in our ability to generate strong returns, and I am excited about our future" said Chairman and CEO Charles D. Davidson.
The company has been selling its noncore assets to focus its spending on higher return areas, including horizontal drilling operations in the United States and offshore projects in the Gulf of Mexico, the Mediterranean and West Africa.
In February, Noble Energy reported it swung to a 4Q profit as it posted strong sales growth and as the year-earlier period included a big asset write-down.
Dow Jones Newswires