On December 17, 2008 I titled my DIV-Net post "Energy Dividends On The Chopping Block", as I made the case that the extreme drop on in oil prices could cause dividend paying energy stocks to cut their dividends.
Husky Energy (HSE) announced they will cut their dividend from $0.50/share to $0.30/share. The company actually put it a different way, they have 'set' their dividend to $0.30/share. That is a 40% cut. Husky is adapting to a much lower energy price environment. The stock now yields about 4% on yesterdays closing price.
The other stock I mentioned in the post BP, just announced earnings and left their dividend unchanged. The company announced their first quarterly loss in seven years but stated that they can have a break even 2009 with oil prices between $50-$60 per barrel The stock yields 7.8%.
Several other Canadian oil and gas trusts have slashed their distributions including widely held, Canadian Oil Sands Trust (COS.UN).