Equinor ASA, Norway’s biggest oil company, cut its dividend by two thirds as it grapples with an historic rout in the crude market.
The move follows a suspension of its share-buyback program and a $3 billion plan to cut investments and costs, including exploration. The company will now pay 9 cents a share in dividend for the first quarter, down from 27 cents in the previous quarter.
Equinor’s decision reflects “unprecedented market conditions and uncertainties,” it said in a statement on Thursday.
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