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