Marathon Oil cuts dividend by 76%

Marathon Oil Corporation (MRO) will lower its quarterly dividend from $0.21 to $0.05 per share.

Lee M. Tillman, Marathon Oil President and CEO, commented on the Board’s decision to adjust the dividend saying, “We believe the revised dividend appropriately addresses the uncertainty of a lower for longer commodity price environment. The decision aligns with our priority of maintaining a strong balance sheet through the cycle and provides us additional capital flexibility to support growth from our deep inventory of investment opportunities in the U.S. resource plays when commodity prices improve.”

Source: Marathon Oil

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