HOUSTON (AP) — Anadarko Petroleum Corp. says its board approved an 81.5 percent cut in its dividend in a money-saving move.
The oil and natural gas company said Tuesday the reduction will save it about $ 450 million annually. Anadarko added that it will evaluate its dividend every quarter.
The move comes as a huge glut of oil worldwide has caused the price of crude to tumble by 70 percent since mid-2014.
The Houston company set its quarterly dividend at 5 cents, down from 27 cents. It’s payable in March.
Shares of Anadarko ended Tuesday down 7 percent, or $ 2.81, to $ 37.24. The company’s stock has declined 55 percent in the past 12 months.
