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The following information in this Item 5 of this Annual Report on Form 10-K is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or to the liabilities of Section 18 of the Exchange Act, and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent we specifically incorporate it by reference into such a filing.
−Removed: The following graph compares the 60-month cumulative total stockholder return on our common stock since December 31, 2017, and the cumulative total returns of Standard & Poor’s 500 Index and the NYSE Arca Oil Index (formerly the AMEX Oil Index) for the same period.
+Added: Because we believe the new index is a more appropriate index for comparison, in 2023 we chose to compare our cumulative total stockholder return against the SPDR S&P Oil & Gas Exploration & Production ETF (the “XOP”), instead of the NYSE Arca Oil Index (the “Arca Index”).
+Added: If a company selects a different index for comparison from that used in the immediately preceding fiscal year, the company’s stock performance must be compared with both the newly-selected index and the index used in the immediately preceding year.
+Added: The following graph compares the 60-month cumulative total stockholder return on our common stock since December 31, 2018, and the cumulative total returns of the Standard & Poor’s 500 Index, the XOP and the Arca Index for the same period.
This graph tracks the performance of a $100 investment in our common stock and in each index (including reinvestment of all dividends) from December 31, 2018 to December 31, 2023.
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S&P 500 100.00 131.49 155.68 200.37 164.08 207.21
+Added: SPDR S&P Oil & Gas Exploration & Production ETF 100.00 90.56 57.59 96.03 139.60 144.57
NYSE Arca Oil Index 100.00 119.15 82.22 106.64 150.11 164.57
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The dividend was paid on July 30, 2021 to stockholders of record as of the close of business on June 30, 2021.
−Removed: Since this time, our board of directors has declared and paid incrementally higher cash dividends each successive quarter.
−Removed: Most recently, on February 6, 2023, our board of directors declared a cash dividend on our common stock in the amount of $0.34 per share.
−Removed: The dividend is payable on April 28, 2023 to stockholders of record as of the close of business on March 30, 2023.
+Added: Subsequently, our board of directors declared and paid incrementally higher quarterly cash dividends through the $0.40 per share cash dividend declared on October 30, 2023 and paid on January 31, 2024 to stockholders of record as of the close of business on December 28, 2023.
+Added: Most recently, on February 5, 2024, our board of directors declared a cash dividend on our common stock in the amount of $0.40 per share, payable on April 30, 2024 to stockholders of record as of the close of business on March 28, 2024.
+Added: In connection with the announcement of the latest dividend declaration, we affirmed our intention to set our dividend policy once per year, and currently anticipate maintaining a $0.40 per share quarterly dividend throughout 2024.
The decision to pay any future dividends is solely within the discretion of, and subject to approval by, our board of directors.
Our board of directors’ determination with respect to any such dividends, including the record date, the payment date and the actual amount of the dividend, will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law, and other factors that our board of directors deems relevant at the time of such determination.
−Removed: Additionally, covenants contained in our Revolving Credit Facility and Senior Notes Indenture restrict the payment of cash dividends on our common stock (see Note 4 to our financial statements).
+Added: Additionally, covenants contained in our Revolving Credit Facility and Senior Notes Indentures restrict the payment of cash dividends on our common stock (see Note 4 to our financial statements).
Issuer Purchases of Equity Securities
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.