Evolution Petroleum declared a 50% increase to its quarterly dividend, a boost driven in large part by a recent acquisition in the Barnett Shale, the Houston-based company’s top executive said in a release on Sept. 13.

“The material increase in our dividend announced today is supported by the addition of the Barnett Shale assets that diversified and substantially expanded our asset base with long life production located in favorable commodity markets, coupled with significant improvements in commodity prices,” commented Jason Brown, president and CEO, in the release.

Evolution Petroleum is an oil and gas company focused on delivering a sustainable dividend yield to its shareholders through the ownership, management, and development of producing oil and natural gas properties onshore in the U.S. The company’s largest assets are its interest in a CO₂ EOR project in Louisiana’s Delhi Field and a secondary recovery project in Wyoming’s Hamilton Dome Field plus nonoperated liquids-rich natural gas assets in the Barnett Shale of North Texas recently acquired from a Tokyo Gas subsidiary.

“We view this increase in dividend as continuing evidence of Evolution’s clear alignment with the long-term interests of our shareholders and intent to further grow the quarterly dividend, as appropriate,” Brown continued. “This disciplined and conservative business strategy has also allowed us to provide a quarterly cash return to shareholders for nearly eight years, which we consider to be a remarkable achievement for an upstream independent energy company.”

According to the release, Evolution Petroleum declared a first quarter of fiscal 2022 cash dividend of $0.075 per share of common stock, which is payable Sept. 30 to stockholders of record as of Sept. 20.

The dividend declaration represents the 32nd consecutive quarterly cash dividend since dividends were first initiated in 2013. In total, Evolution will have paid over $77 million, or $2.34 per share, to stockholders as cash dividends including first quarter of fiscal 2022.