The board of directors of Anadarko Petroleum Corp. (NYSE: APC) declared, on Feb. 9, a quarterly cash dividend on the company's common stock of 5 cents per share, payable March 23, to stockholders of record at the close of business on March 9. The quarterly dividend represents a 22-cent reduction from the prior level of 27 cents per share – or an 81% reduction.
"We believe this adjustment to our dividend is the appropriate action to take in the current environment," said Al Walker, Anadarko chairman, president, and CEO. "On an annualized basis, this action provides approximately $450 million of additional cash available to enhance our operations and financial flexibility. Our board will continue to evaluate the appropriate dividend on a quarterly basis."