Neptune Energy announced that the board of directors of Neptune Energy Group Limited has declared an $800m dividend. It is expected that the dividend will be paid to shareholders on December 15, 2021.
Neptune continues to trade in line with guidance, with operating cash flow expected to exceed $2bn 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 $6bn 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 December 31, 2021 will be announced on March 17, 2022.