Apache increases share buyback program to 40 million shares
The Board of Directors of Apache Corporation (NYSE, Nasdaq: APA) today announced that it has authorized repurchasing an additional 10 million Apache common shares, supplementing the 30-million-share authorization announced in May 2013.
Apache has purchased 24.3 million shares for approximately $2.1 billion under the prior authorization.
“Apache’s portfolio has been rebalanced for predictable and profitable growth driven by our oil- and liquids-rich onshore North America assets,” said G. Steven Farris, chairman, chief executive officer and president. “The board has increased the buyback authorization because of its confidence in Apache’s ability to continue to execute our future growth plans. We continue to see our stock as a compelling investment at current levels.”
Apache’s Board of Directors also declared the regular quarterly cash dividend of 25 cents per share on the company’s common shares. The dividend is payable on Aug. 22, 2014, to stockholders of record on July 22, 2014. Apache has paid a common dividend to stockholders since 1965, and has increased the dividend 67 percent since 2012.