Canadian Oil Sands fourth-quarter profit tumbles, cuts dividend

Thu Jan 29, 2015 4:34pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

CALGARY, Alberta Jan 29 (Reuters) - Canadian Oil Sands Ltd , the largest-interest owner in the Syncrude oil sands project in northern Alberta, slashed its dividend on Thursday and said fourth-quarter profit fell 87 percent on lower oil prices.

The company cut its dividend to 5 Canadian cents a share for the first quarter of 2015, down from 20 Canadian cents.

Canadian Oil Sands previously cut its dividend in December by 43 percent to 20 cents a share, and many analysts were expecting a further cut as oil prices have tumbled further since then.

The company said net income in the quarter was C$25 million ($19.8 million), or 5 Canadian cents per share, down from C$192 million, or 40 Canadian cents, in the year-prior quarter. (Reporting by Nia Williams and Scott Haggett)