Canadian Oil Sands Q4 Profit Tumbles

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.