⁍ 2020 will be the first year since 1982 that the U.S. oil producer has not raised its shareholder payout.

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⁍ At $3.48 per share, the annual dividend is equal to 10.6% of its share price.

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⁍ The company posted its first back-to-back quarterly losses this year and is projected to report a full-year $2 billion loss.

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– For the first time since 1982, Exxon Mobil won’t be raising its shareholder payout, Reuters reports. The oil giant announced Wednesday it will keep its fourth-quarter dividend flat at 87 cents a share, meaning 2020 will be the first year since 1982 that it has not raised its shareholder payout. The company has pledged deep cost cuts this year, and the decision to hold the dividend stable could indicate it expects the cost-cutting will allow it to continue making the hefty payout. At $3.48 per share, the annual dividend is equal to 10.6% of its share price. Any dividend yield above 10% is considered onerous for a company’s finances. Four years ago, the oil producer stopped buying back its own shares, giving greater prominence to the dividend, which reached $14.7 billion last year. The company posted its first back-to-back quarterly losses this year and is projected to report a full-year $2 billion loss, Refinitiv estimates show, excluding asset sales or write downs. Exxon shares traded at $31.57 on Wednesday, down 3.8%, and at the lowest point in more than two decades.