Birchcliff Energy (BIR) is paying shareholders a special dividend as the company nears its goal of zero total debt.
The payment of $0.20 per common share will be allocated to investors on October 28.
The Calgary-based company also bolstered its capital spending budget for this year by $80 million to a range of $355 million to $365 million.
Birchcliff Energy said that, as a result of the special dividend and a lower outlook for commodity prices, it’s expecting to end this year with debt of $60 million to $70 million.
The company previously forecast that it would be in a surplus position at the end of 2022.
Birchcliff reiterated its plan to have an annual dividend of $0.80 per share by 2023. The company currently pays a regular quarterly dividend of $0.02 per share.
So far this year, Birchcliff Energy’s stock is up 83% to $11.79 per share.
