Superior Energy eliminates dividend

Thu Mar 31, 2016 6:16am EDT
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March 31 (Reuters) - Oilfield services provider Superior Energy Services Inc said it approved the elimination of its quarterly dividend as it looks to shore up its finances amid a prolonged oil price slump that has severely reduced spending by oil producers.

The company's executive officers have all taken reduced base salaries, Chief Executive David Dunlap said in a statement on Thursday.

The company had been paying a quarterly dividend of 8 cents per share until last month. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Shounak Dasgupta)