Canadian Manufacturing

Bonterra Energy suspends dividend after weakness in markets

The decision came as Bonterra reported a profit of $21.9M or 66 cents per share for 2019

March 11, 2020  The Canadian Press

CALGARY – Bonterra Energy Corp. is suspending its dividend due to volatility and weakness in global energy markets.

The company said it will focus on protecting the balance sheet, preserving the inherent value of its assets and retaining financial flexibility.

Bonterra has been paying a monthly dividend of a penny per share.

The decision came as Bonterra reported a profit of $21.9M or 66 cents per share for 2019 compared with a profit of $7.2M or 22 cents per share in 2018.

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Revenue totalled $202.7M last year compared with $223.4M in 2018.

Production amounted to 12,305 barrels of oil equivalent per day for the year, down from 13,206 in the same period a year earlier.