(Reuters) – Oilfield services provider Halliburton Co slashed its quarterly dividend by 75% on Wednesday, the latest in a string of moves aimed at saving cash to cope with a dramatic plunge in oil prices that began in March.
U.S. oil prices experienced historic drops throughout March and April, brought on by the demand destruction caused by coronavirus-related lockdowns and a price war between producing nations.
As oil and gas explorers slam the brakes on drilling to survive low prices, companies like Halliburton that provide drilling equipment and services have taken a major beating.
Members of Halliburton’s board also agreed to reduce their annual retainer by 20% on Wednesday.
Salaries for the company’s executives were cut earlier in April and the company has been cutting jobs, laying off roughly 1,000 employees from its headquarters in Houston earlier this month.
The company set a dividend of $0.045 per share payable on June 24, down from $0.18 per share paid on March 25.
(Reporting by Shariq Khan in Bengaluru; Editing by Anil D’Silva)