Frontera Energy Corporation (TSX: FEC) will pay out a dividend of $0.33 CAD per common share on January 17, the Canadian oil company recently announced.
All shareholders of record at the close of business on January 3 will be eligible to receive the dividend, which was approved by the board of directors and is designated as an eligible dividend under the Canadian income tax act.
The dividend follows improved results in the third quarter of 2018. The Toronto-based company posted net income of $45.1 million USD in the third quarter, a turnaround from its net loss of $141.1 million USD in the third quarter of 2017 and net loss of $184.4 million USD last quarter.
“Frontera performed well in the third quarter, generating significant cash flow and further strengthening our balance sheet in spite of production interruptions,” said Richard Herbert, chief executive officer of Frontera Energy.