Norway’s Equinor said Thursday it will cut its first-quarter dividend by 67% in response to the steep drop in oil and gas prices caused by the economic fallout from the coronavirus pandemic. It is the first major European oil and gas producer to cut its dividend during the current downturn, although several oil-field services companies have also done so (IOD Apr.23’20). The move could further sour the company’s standing with investors who have retained holdings in the underperforming oil and gas sector mainly because it has offered steady dividend income (IOD Apr.3’20).
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