The energy sector is rapidly revising its spending plans for 2015 with oil revenues plummeting. Baytex is the latest Canadian energy firm to cut its expenditure plans with a 30 per cent reduction to $575-650 million next year. Monthly dividend payments will also be significantly lower; down from 24 cents to 10 cents per share. Many other firms in the sector have already announced cuts to spending and dividends and the giant Cenovus will announce its plans this Thursday.
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