Marathon Oil Corp. MRO, -3.42% said late Thursday it reinstated its dividend and took recent debt-reduction measures aiming for a “transparent framework for future capital allocation and uses of free cash flow intended to maximize long-term shareholder value.”
The dividend returned at 3 cents a share, payable on Dec. 10 to stockholders of record on Nov. 18. “Marathon Oil continues to maintain a solid balance sheet,” the company said. “While 2020 has included its fair share of challenges, we believe we have successfully repositioned our company for success in a lower, more volatile commodity price environment,” Chief Executive Lee Tillman said in a statement. Shares of Marathon Oil rose 1% in the extended session Thursday after ending the regular trading day down 3.4%