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Bonterra Energy suspends dividend due to volatility and weakness in markets

Pumpjacks work in a field.
Pumpjacks work in a field. THE CANADIAN PRESS/AP, Charlie Riedel

Bonterra Energy Corp. is suspending its dividend in the face of the volatility and weakness in global energy markets.

The company says its focus remains on protecting the balance sheet, preserving the inherent value of its assets and retaining financial flexibility.

READ MORE: Calgary-based Bonterra Energy slashes monthly dividend to a penny as oil prices fall

Bonterra has been paying a monthly dividend of a penny per share.

The decision came as Bonterra reported a profit of $21.9 million or 66 cents per share for 2019 compared with a profit of $7.2 million or 22 cents per share in 2018.

PGeorge Fink, President and CEO of Bonterra Energy, sits in his Calgary office.
PGeorge Fink, President and CEO of Bonterra Energy, sits in his Calgary office. CP PHOTO/Larry MacDougal

Revenue totalled $202.7 million last year compared with $223.4 million in 2018.

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Production amounted to 12,305 barrels of oil equivalent per day for the year, down from 13,206 in the same period a year earlier.