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Parsley Energy initiates quarterly dividend

Parsley Energy Inc.'s board of directors approved a quarterly dividend of 3 cents per share, payable Sept. 30 to shareholders of record as of Sept. 20, according to an Aug. 26 release.

"The initiation of a regular dividend program coincides with Parsley's inflection to sustainable free cash," Parsley President and CEO Matt Gallagher said in the release. "This return of capital to shareholders during the third quarter of 2019 is evidence that our returns-focused strategy is yielding fruit ahead of schedule."

Gallagher said the company is expecting its oil production in the third quarter to be in the upper half of its previous guidance range of 87,000 barrels of oil equivalent per day to 90,000 boe/d.