Enerplus Posts Loss In Q4

(RTTNews) - Enerplus Corp. (ERF, ERF.TO) Friday reported fourth quarter net loss of C$624.98 million or C$3.03 per share compared to profit of C$151.65 million or C$0.74 per share last year.

Production for the quarter was 106,905 boe per day, up 3 percent from the prior year.

Funds flow for the fourth quarter declined 15 percent to C$103 million from C$212 million a year ago.

Looking ahead to 2016, the Board has approved a reduction in monthly dividend to C$0.01 per share from C$0.03 per share, effective April dividend, payable on April 15. Further, the company plans 60 percent reduction in spending levels, with capital budget reduction of 43 percent.

Enerplus anticipates an adjusted payout ratio of approximately 120 percent in 2016.