Burlington Resources Declares Increased Quarterly Dividend on Common Stock
HOUSTON--(BUSINESS WIRE)--July 21, 2004--The board of directors of Burlington Resources Inc. (NYSE:BR)(TSX:B) today declared a quarterly dividend of 8.5 cents per share on the company's common stock, which represents a one-cent or approximately 13 percent increase in the dividend. The dividend is payable on Oct. 12, 2004 to stockholders of record on Sept. 10, 2004. The new quarterly rate would yield an annual dividend of 34 cents per share of common stock, compared to the previous annual dividend of 30 cents per share. "We are pleased that Burlington's strong operational and financial performance enables us to take this new step to enhance shareholder value," said Bobby S. Shackouls, Burlington Resources chairman, president and chief executive officer. "This dividend increase is our second within a year's time, and we have also supplemented our ordinary dividend in recent years with a very active share repurchase program, consistent with our practice of returning capital to shareholders at selected times during the commodity price cycle." Since resuming share repurchases in late 2000, Burlington has repurchased approximately 12 percent of its outstanding shares at an average cost of $23.30 per share. These totals reflect the 2-for-1 split of the company's common stock on June 1, 2004. Burlington Resources ranks among the world's largest independent oil and gas companies, and holds one of the industry's leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas, the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America. For additional information see the Burlington Resources Web site at www.br-inc.com.
FORWARD-LOOKING STATEMENTS
This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company's periodic reports filed with the Securities and Exchange Commission. CONTACT: Burlington Resources, Houston Financial: John Carrara, 713-624-9548 or Media: James Bartlett, 713-624-9354 www.br-inc.com
|