Shares of Halliburton Co. /zigman2/quotes/210488727/composite HAL -3.21% rose 1.4% in premarket trading Wednesday, after the oil services company slashed its quarterly dividend by 75%, citing efforts to maintain a strong liquidity position given uncertainties regarding the depth and duration of the downturn in market conditions. The new dividend of 4.5 cents a share, down from 18 cents a share, will be payable June 24 to shareholders of record on June 3. Based on Tuesday's stock closing price of $11.15, the new annual dividend rate implies a dividend yield of 1.61%, compared with the yield for the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE -2.96% of 6.07% and the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.31% of 1.97%. Separately, Halliburton said annual retainers for its board of directors will be cut by 20%. The dividend cut comes as crude oil futures /zigman2/quotes/209723049/delayed CL00 -0.20% have plunged 47.4% year to date, as the COVID-19 pandemic has reduced demand and as the market grapples with a supply glut. Halliburton's stock has declined 54.5% this year, while the energy ETF has shed 37.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.31% has lost 9.5%.