Energy XXI Declares Quarterly Stock Dividends
Bermuda-based Energy XXI announced on Tuesday [Aug 7] its Board of Directors declared a $1.8125 per share quarterly dividend on its shares of 7.25% Convertible Perpetual Preferred Stock, which have a face value of $100 per share, and a $3.5156 per share quarterly dividend on its shares of 5.625% Convertible Perpetual Preferred Stock, which have a face value of $250 per share.
Dividends on both issues will be paid in cash on Sept. 14, 2012 to the holders of record on Aug. 31, 2012. The company currently has 8,000 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 814,019 shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.
The Board of Directors also declared a quarterly dividend of $0.07 per share of common stock, to be paid on Sept. 14, 2012 to shareholders of record on Aug. 31, 2012. The company currently has 79,286,970 shares of common shares outstanding.
The Board of Directors will determine future dividends for Energy XXI common stock on a quarterly basis, with the amount dependent upon earnings, financial condition, capital requirements and other factors.
