Legacy Reserves (NASDAQ:LGCY) has drawn more money out of the ground for its investors. The company will distribute $0.575 per share of its common stock on May 15 to holders of its common units as of May 2. This amount represents an increase of $0.005 per unit, or 3.6%, over the company's previous payout of $0.570. Before that, Legacy Reserves paid $0.565 per share.

The new dividend annualizes to $2.30 per share, which yields 8.5% at Legacy Reserves' most recent closing stock price of $27.21.

The company also announced that it will discuss its Q1 results in a conference call and webcast on the morning of May 7.

Fool contributor Eric Volkman has no position in Legacy Reserves. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.