Marathon Oil Corp. has reinstated its quarterly base dividend, the U.S. oil producer said Oct. 1, after suspending it in May following a historic collapse in crude prices.
Oil companies were forced to slash dividends, halt buybacks and curtail production earlier this year as the COVID-19 pandemic hammered energy demand, sending U.S. crude futures below $0 a barrel for the first time in April.
Marathon Oil said it reinstated the quarterly base dividend at 3 cents per share, payable on Dec. 10 to stockholders of record on Nov. 18.
On Sept. 30, peer ConocoPhillips Co. said it plans to resume share repurchases of $1 billon in the fourth quarter.
Spacing is a key piece of the puzzle for oil and gas companies looking to boost free cash flow.
Testing is in final stages for a new impact drilling system that Houston-based Particle Drilling Technologies says will help unlock currently inaccessible reservoirs of oil and gas.
Oil output in the region may see output rebounding to 215 million tonnes in 2021, said Sergei Filatov, head of subsoil management and natural resources at Khanty-Mansiisk (Yugra).