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CanElson Drilling cuts capital budget by 80%, reduces dividend by half

2015-01-19 18:26:01| IT Services - Topix.net

CanElson Drilling Inc. says it will reduce its quarterly dividend by 50 per cent, defer the completion of three new drilling rigs, and reduce its capital budget by 80 per cent as a result of low crude oil and natural gas prices. The Calgary-based company says activity remains relatively strong its expects both activity and pricing levels to decline in 2015 in response to what appears to be a prolonged decline in global oil prices.

Tags: by half capital budget

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