Marathon Oil raises quarterly dividend by 33%, cuts debt

FILE PHOTO: A Marathon Oil well site is seen as oil and gas activity dips in the Eagle Ford Shale oilfield in Texas, U.S., because of the COVID-19 pandemic and the drop in demand for oil globally. May 18, 2020. REUTERS/Jennifer Hiller

(Reuters) – Marathon Oil Corp on Thursday became the latest U.S. oil producer to raise its quarterly dividend as COVID-19 vaccine rollouts and increased travel demand lift crude prices.

The company raised its dividend by 33% to 4 cents per share and said it redeemed $500 million in debt, addressing its next significant maturity.

Oil major Chevron Corp had raised its quarterly payout by 5 cents to $1.34 per share on Wednesday, while Continental Resources Inc reinstated its dividend.

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