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By The Canadian Press

Vermilion Energy suspends monthly dividend to shareholders

Apr 15, 2020 | 6:50 AM

CALGARY – Vermilion Energy Inc. is suspending its monthly dividend.

The oil and gas company says that energy prices have continued to fall since it reduced its dividend and cut its 2020 capital budget last month due to the COVID-19 pandemic.

It says the decision will help better position it for the economic and commodity recovery that it believes will come when the economy emerges from the crisis.

The move by Vermilion to suspend its regular payment to shareholders comes as many others in the oilpatch do the same.

The company says that since the beginning of March its annualized cash outlays for capital spending and dividends have now been reduced by approximately $520 million.

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Vermilion, which has Canadian and international oil and gas production, says it has also identified approximately $30 million of additional opportunities to reduce cash spending.