Penn West Exploration Keeps Dividend Steady

Canadian oil and gas producer will maintain quarterly dividend at $0.27 per share.

Rich Duprey
Rich Duprey
May 2, 2013 at 2:57PM
Energy, Materials, and Utilities

Investors can explore the opportunities available to them with the dividend announcement made by Canadian oil and gas producer Penn West Exploration (NYSE:PWE), which said today it will pay a second-quarter dividend of $0.27 per share on July 15 to the holders of record at the close of business on June 28. This represents no change in payment

Penn West has consistently paid a quarterly dividend since 2005.

Penn West is one of the largest conventional oil and natural gas producers in Canada that also has a significant portfolio of light oil. Based in Calgary, Alberta, the oil and gas producer operates throughout western Canada on a land base of nearly 6 million acres.

The most recent dividend payment equates to a $1.08-per-share annual dividend yielding 11.7% based on the closing price of Penn West Exploration's stock on May 1.