Halliburton, one of the world’s largest oilfield service providers, cut its dividend by 75% as it grapples with a sharp decline in production.

The Houston company said Wednesday that the difficult decision “reflects the current market conditions and uncertainties regarding the depth and duration of this downturn.”

Halliburton (HAL) and other providers of drilling equipment and manpower have been crushed by the oil crash, which has forced a wide range of oil companies to drastically scale back production.

CEO Jeff Miller said the move will help the company “navigate these uncertain times” and position it to “take advantage of the market’s eventual recovery.”

Wall Street wasn’t shocked by the news: Halliburton stock rose 3% in premarket trading Wednesday morning.

In addition to the dividend cut, Halliburton announced that its board of directors is taking a voluntary 20% pay cut.

Although the largest US oil companies have insisted their dividends are safe, the leading oilfield service providers are taking a different approach. Last month, rival Schlumberger (SLB) cut its dividend by 75%.

And another oil services company, Diamond Offshore (DO), filed for bankruptcy in late April.

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