Penn Virginia Cuts Payout to Preserve Liquidity -- Market Talk
Today 12:48 PM ET (Dow Jones)Print
12:48 EDT - Penn Virginia (PVA) has joined the ranks of energy companies halting shareholder payouts in light of oil's slump. PVA says that it won't pay out third-quarter dividends on its Series A and Series B depositary shares, which carry 1/100 interest in its preferred shares. PVA cites the need "to preserve liquidity and the resulting reduction in capital available to invest in its high-quality assets." Earlier this month, Canadian companies Penn West Petroleum. and Pengrowth Energy cut their payouts to shareholders. Linn Energy LLC, the largest oil-and-gas producing partnership, has also said it would stop making dividend-like payments. PVA falls 9.9% to 73, bringing its decline for the year to 89%. (chelsey.dulaney@wsj.com; @chelseydulaney)
(END) Dow Jones Newswires
September 17, 2015 12:48 ET (16:48 GMT)
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