WASHINGTON (dpa-AFX) - Continental Resources (CLR) said the company's Board of Directors has decided to suspend the quarterly dividend until further notice. In response to the demand destruction due to COVID-19, Continental said the company will continue to take decisive action to maximize cash flow generation, accomplish cost savings initiatives and prioritize the strength of balance sheet.
Bill Berry, CEO, said: 'Global crude oil and product demand is estimated to have been impacted by 30% due to COVID-19. Accordingly, we are reducing our production for April and May 2020 in a similar range.'
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