Neptune Energy Announces 2021 Dividend

Source: www.gulfoilandgas.com 12/9/2021, Location: Europe

Neptune Energy announced that the Board of Directors of Neptune Energy Group Limited has declared an $800 million dividend. It is expected that the dividend will be paid to shareholders on 15 December 2021.

Neptune continues to trade in line with guidance, with operating cash flow1 expected to exceed $2 billion for the full year. Leverage is expected to end the year around 1.0 times net debt to EBITDAX, inclusive of this dividend payment; well below the company’s target of <1.5 times.

Sam Laidlaw, Executive Chairman of Neptune Energy, said: “Since Neptune’s inception, we have invested more than $6 billion2 in development, exploration and acquisitions to grow the business. As a result, we have built a diverse portfolio of high quality and long-life assets, with growth opportunities across the business that will support future cash flows. We have also continued to develop our New Energy projects and expect to increase investment further in 2022.

“We remain on track to achieve significantly higher operating cash flow in 2021 as a result of higher commodity prices, robust production and good cost control. With three new projects now online, we expect production to increase in 2022, while we progress further developments in Norway and the UK.”

Neptune’s full year results for the period ended 31 December 2021 will be announced on 17 March 2022.


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