“The decision to adjust the quarterly dividend, along with a substantially reduced and flexible capital program for 2016, is part of a comprehensive effort to spend within cash flow and manage the Company’s balance sheet,” said Kenneth M. Fisher, the Company’s Executive Vice President and Chief Finance Officer.

“We also intend to reduce leverage in this environment. The dividend adjustment and our recent debt refinancing provide approximately $200 million annually in support of these efforts,” he said, adding that paying dividend remains an important element of the company’s long-term strategy.

Noble Energy’s capital spending programme for 2016 is around $1.5 billion, down 50% on 2015.

Noble said that the 2016 programme “remains flexible to changes in the commodity price environment and will be discussed at the Company’s scheduled conference call on February 17, 2016.”

Source: InCyprus