insane dividends

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Pacific Northern Gas to pay special dividend of $3 per share, Q1 profit up

By: The Canadian Press

Posted: 05/11/2011 12:51 PM | Comments: 0 | Last Modified: 05/11/2011 1:26 PM



VANCOUVER - Pacific Northern Gas Ltd. (TSX:PNG) will pay a special dividend of $3 per share, the company announced Wednesday as it reported improved quarterly earnings.

The special payment will be in addition to PNG's regular quarterly dividend of 30 cents per share.

PNG shares were up 67 cents or 2.45 per cent at $28 on the Toronto Stock Exchange after the announcement. The stock had been halted briefly at midday.

Pacific Northern Gas said the payment amounted to $11 million of the net remaining proceeds from the $30-million initial payment received from the sale of its 50 per cent stake in Pacific Trail Pipelines Limited Partnership, a proposed liquefied natural gas export terminal near Kitimat, B.C.

The company paid out an earlier special dividend of $3 per share to shareholders on March 24.

PNG also reported Wednesday a first-quarter profit of $26.7 million or $7.11 per diluted share, compared with a profit of $5.4 million or $1.48 per share a year ago. Operating revenue totalled $37.5 million, up from $40.2 million.

Excluding the sale of the interest in Pacific Trail Pipelines, PNG reported a profit of $6 million or $1.57 per diluted share, up from $5.7 million or $1.53 per diluted share a year ago.

In February, PNG signed a deal to sell its 50 per cent interest in Pacific Trail Pipelines Limited Partnership for $50 million to Apache Canada Ltd. and EOG Resources Canada Inc., which are partners with PNG in the KSL Pipeline.

PNG will be paid the outstanding $20 million once the companies begin construction of the Kitimat liquefied natural gas facility.