Continental Resources suspends dividend, to cut production by about 30% [MarketWatch]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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Source: MarketWatch
Continental Resources Inc. said Tuesday it will suspend its quarterly dividend as it looks to manage cash flow amid a challenging commodity price environment resulting from the COVID-19 pandemic. The last quarterly dividend paid was 5 cents a share in February. The oil producer said with global crude oil and product demand estimated to be down 30% as a result of the COVID-19 pandemic, it is reducing its production by a "similar range" for April and May. In late-March, S&P Global Ratings had downgraded the company's credit to BB+, which is the rating agency's first speculative-grade, or "junk" rating, from BBB-. The stock, which was still inactive in premarket trading, has plunged 73.4% over the past three months, while crude oil futures has dropepd 57.0% and the S&P 500 has shed 17.7%.
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