The board of Woodside Petroleum Limited
(ASX:WPL) has announced a special dividend of $US0.63 per share, payable to shareholders on May 29.
Chairman Michael Chaney says the oil and gas giant is enjoying a boom period of promising growth prospects and strong cash flows.
As a result, the Woodside board determined it would be appropriate to increase the company’s dividend payout ratio.
Given its strong liquidity position the Woodside board will target a dividend ratio payout ratio of 80 per cent of its underlying net profit, a margin it expects to maintain for several years.
According to Mr Cheney, such initiatives reflect Woodside’s commitment to disciplined capital management and pursuit of value adding growth opportunities.
Woodside Petroleum posted a net profit of $2.9 billion in its 2012 financial year.
