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.