Longview Reduces 2012 Capital Spending On Lower Oil Prices To Maintain Balance Sheet Strength; Div Held Steady

By Midnight Trader,  June 20, 2012, 07:57:44 AM EDT

Longview Oil Corp (LNV.TO), which fell 3% on Tuesday, approved a $27 million reduction in its 2012 capital expenditure program to $46 million and revised operational guidance for the year ending December 31, 2012. The current monthly dividend of $0.05 per share will remain unchanged subject to review and approval by the board each month.

It said: "These actions are being taken in response to the current weakness in global oil markets and the increase in differentials between posted Canadian oil prices and the WTI futures price caused by a lack of pipeline take away capacity for Canadian crude oil. The reduction in capital expenditures is consistent with Longview's strategy of maintaining financial discipline and a strong balance sheet in response to weaker than anticipated commodity prices."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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