BUZZ-Baytex Energy Corp: Suspends monthly dividend

Fri Aug 21, 2015 9:59am EDT
 
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** Canadian oil and gas producer's U.S.-listed shares down 15.3 pct at $4.28; Toronto-listed shares down 15.8 pct at C$5.57

** Stock falls as much as 18 pct to record low of $4.22; is among top percentage losers on NYSE

** Company to suspend monthly dividend after making previously announced payment of 10 cents per share due on Sept. 15

** Baytex also suspends further drilling at Peace River and Lloydminister areas in Canada for rest of year and cuts 2015 crude oil production forecast to 84,000-86,000 boe/d from 84,000-88,000 boe/d

** Company cuts 2016 exploration and development spending by 25 pct to $350 mln-$400 mln

** At least 5 brokerages cut PTs by as much as C$10.50 to as low as C$11; median PT C$17

** Up to Thursday's close, NYSE-listed stock had fallen nearly 70 pct this year