Canadian Natural Resources (CNQ) is paying a special dividend to shareholders after posting strong second-quarter earnings.
The Calgary-based oil and gas company said it will pay a special dividend of $1.50 a share on August 31. The reward to shareholders comes after Canadian Natural’s cash flow more than doubled in Q2.
Canadian Natural Resources is not the only Canadian energy company to issue a special dividend or raise its quarterly dividend as higher oil and natural gas prices boost earnings.
Tourmaline Oil (TOU) has announced three special dividend payments this year, and said it plans to continue issuing special payouts to shareholders through 2023.
Canadian Natural reported that its free cash flow from operating activities rose to $5.9 billion in the second quarter from $2.9 billion a year earlier.
Following adjustments, including dividend payouts, Canadian Natural Resources said its free cash flow totaled $3.3 billion in Q2.
During the second quarter, Canadian Natural Resources’ output rose to 1.2 million barrels of oil equivalent per day from 1.1 million a year ago.
Year-to-date, Canadian Natural Resources stock is up 20% at $65.41 a share.