SM Energy To Buy Back Up To $500 Mln Of Shares; Raises Annual Dividend

(RTTNews) - SM Energy Company (SM), a hydrocarbon explorer, said on Wednesday that it has been authorized to buy back up to $500 million of shares.

The repurchase of shares will be through December 31, 2024, that equates to around 10 percent of its current market capitalization.

The company's fixed dividend has also been raised to $0.60 per share annually, to be paid in quarterly increments of $0.15 per share.

The dividend will be paid on November 7, to shareholders of record on October 25. The company currently has around 123 million shares outstanding.

Herb Vogel, CEO of SM Energy said: "… Our strategy is to implement a capital return framework that supports long-term, sustainable capital investment and balance sheet strength with upside."