Surge Energy (TSE:SGY) announced a 50% reduction in their dividend, as well as the closing of previously announced asset sales, as they continue to position themselves for a 'lower for longer' oil price scenario.
While it's a hit to my annualized dividend, it wasn't unexpected and I view it as a positive development. They are well capitalized for the current low price environment, and have room to move on other producers who might be under more financial stress. It was interesting to me that the CEO specifically mentioned Twin Butte Energy, a producer with neighbouring lands that's currently looking for a suitor, during a recent presentation as an example of a more stressed asset that could prove worth looking at.
Information is here.