W&T Offshore Raises Dividend to $0.09

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W&T Offshore  has increased its second-quarter dividend by a penny to $0.09 per share, an increase of 12.5%.

The oil and gas driller has regularly increased its dividend over the years and has also bestowed a series of special dividends on investors. In 2012, it paid two special dividends of $0.32 and $0.55 per share, making 2012's total dividend paid $1.11, or 40% more than it paid in 2011.

Of the latest dividend increase, W&T CEO Tracy W. Krohn said: "We are pleased to be able to increase our regular quarterly dividend by 12.5% and continue to reward our shareholders for their ongoing support. We began paying a $0.02 dividend in January 2005 shortly after going public and have been able to grow that amount over the years. This recent increase reflects our continued confidence in W&T Offshore's ability to continue to generate strong cash flow."


The new payout annualizes to $0.36 per share and yields 2.8% based on the closing price of W&T Offshore's stock on May 7.

WTI Dividend Chart

WTI Dividend data by YCharts. Chart includes special dividends.

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The article W&T Offshore Raises Dividend to $0.09 originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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