Occidental Petroleum, Houston-based oil and gas exploration and production company, has increased the company’s dividend and announced the appointment of a new member of the board of directors.
Occidental Petroleum said on Thursday that the company has raised the company’s dividend to an annual rate of $3.04 per share from the previous $3.00 per share.
President and CEO, Vicki Hollub, said: “Occidental has now increased its dividend every year for 14 consecutive years, and a total of 15 times during that period. The total increase in the annual dividend rate from 2002 exceeds 500 percent.”
She added that the dividend increase reflects the company’s confidence in its financial strength and future performance.
Occidental has paid quarterly dividends continuously since 1975. The $0.76 per share quarterly dividend will be payable on October 14 to stockholders of record as of September 9.
The company also said that Jack Moore, former Chairman of Cameron International Corporation, has been elected to Occidental’s board of directors.
Moore served as Chairman of the Board for Cameron International Corporation from 2011 until it was acquired by Schlumberger in April 2016. He joined Cameron in 1999 and served as CEO from 2008 to 2015 and as President from 2008 to 2014. Before joining Cameron, he held various management positions at Baker Hughes, where he was employed for 23 years.
Gene Batchelder, Chairman of the Board, said: “Jack has nearly four decades of experience in the energy sector where he created significant growth and success for the businesses he led. His industry knowledge and management expertise will be a great addition to our Board.”