UPDATE 1-Continental Resources suspends dividend amid coronavirus woes [Reuters]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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clr.com/investors
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Source: Reuters
UPDATE 1-Continental Resources suspends dividend amid coronavirus woes (Adds CEO quote, background) April 7 (Reuters) - Continental Resources Inc said on Tuesday it would suspend its quarterly dividend and cut its production for April and May 2020 by about 30%, as it grapples with a plunge in oil prices and demand amid the novel coronavirus pandemic. This follows the oil and gas producer’s decision to slash its budget by about 55% to $1.2 billion last month and expectations that the cut would knock off less than 5% from its full-year production. With global crude oil and product demand estimated to have been impacted by 30% due to COVID-19, Continental will continue to take decisive action to maximize cash flow generation and accomplish cost savings initiatives, Chief Executive Officer Bill Berry said in a statement North American shale producers have cut planned expenditures and dividends, trying to shore up cash, as crude prices fall following a slump in demand due to the virus outb
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