May 6, 2020 / 5:13 AM / a month ago

Aker BP cuts quarterly dividend by two-thirds as oil price drops

OSLO, May 6 (Reuters) - Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the fall in crude prices, the Norwegian oil firm said on Wednesday after reporting first-quarter profits that beat expectations.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose to $666 million in the quarter from $539 million a year ago, outperforming a $617 million forecast in a Refinitiv poll of analysts. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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