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Twin Butte Cuts 2015 Capex
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Twin Butte Energy Ltd. has announced an operational update.
The industry has seen a significant drop in oil pricing over the last 7 weeks which, even with Twin Butte's strong hedge position, could negatively impact the Company's cash flow for 2015.
To ensure the viability of the Company's business plan and to position for potential business opportunities a market downturn may bring, a reduction in both the 2015 capital plan and the dividend is being implemented.
The Company's Board of Directors has approved a $40 million (22%) reduction in the 2015 capital budget and a 37.5% reduction to the monthly dividend. Beginning with the January 2015 dividend payable in February 2015, the modified dividend will be $0.01 per share ($0.12 per share annualized). Twin Butte will also be suspending both…
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