Apache increases dividend, suggests stock split

The board of directors of high-flying independent Apache Corp. has voted to increase its quarterly dividend by 20 percent effective Nov. 21 and to split its stock two-for-one effective early next year, subject to shareholder approval.

“Apache's rising oil and gas production, strong earnings, favorable balance sheet and improving debt-to-capitalization ratio — coupled with current strong commodity prices — warrant the dividend increase and split,” Apache Chairman Raymond Plank said in a Sept. 12 statement. The board voted to increase Houston-based Apache's cash dividend on common stock to 12 cents per share from 10 cents per share. However, a special meeting of Apache shareholders will be necessary in order to increase the number of authorized shares to implement the stock split, Apache said.