Apache Corporation (APA) will cut its quarterly dividend by 90.0 percent to $0.025 per share in 2020. The last time the oil company increased its dividend was in 2014.

In the company's press release Apache announced a reduced capital investment plan for 2020 and a lower dividend in response to the current oil price environment. The dividend cut from $0.25 to $0.025 per share will save the company $340 annually.

“We are significantly reducing our planned rig count and well completions for the remainder of the year, and our capital spending plan will remain flexible based on market conditions,” said John J. Christmann IV, Apache’s chief executive officer and president in the company's press release of March 12, 2020. “We are also further reducing operating and overhead costs as we continue to implement our corporate redesign program, which began in the fall of 2019. These decisive actions will benefit Apache as we navigate these challenging market conditions.”

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. Apache Oil Corporation was founded in 1954 in Minneapolis, Minnesota, by Truman Anderson, Raymond Plank and Charles Arnao working alongside six employees and backed by 41 shareholders who invested $250,000 in initial capital. The company’s name was changed to Apache Corporation in 1960. Apache has paid a dividend every year since 1965.