Roughly a week out from a $93.5 million Permian Basin acquisition, SM Energy Co. announced that its board approved a quarterly cash dividend of $0.15 per share of common stock outstanding.

The dividend will be paid on Aug. 7 to stockholders of record as of the close of business on July 21, according to a June 28 press release. The company currently has approximately 118 million shares of common stock outstanding.

SM Energy operates in the Permian Basin. On June 21, the company announced it would expand its Midland Basin footprint in a deal to acquire 20,000 net acres in Dawson and northern Martin counties, Texas.