DIVIDENDCUT.COM - News about dividend cuts and suspensions

Oceaneering International (OII) will lower its quarterly dividend to $0.15 per share.

Noble Corporation plc (NE) will eliminate its $0.02 per share quarterly dividend. Earlier this year the offshore drilling contractor for the oil and gas industry already lowered its dividend from $0.15 to $0.02 per share, following a 60% dividend cut in 2015. In today's press release Noble Corporation states that the continuation of challenging fundamentals in the offshore drilling industry, which have led to lower fleet utilization, was central to the company's decision.  Elimination of the dividend supports the continued focus on liquidity preservation and is expected to reduce annual cash expenditures by approximately $20 million. Noble Corporation's stock has lost about 50% in 2016.

StoneMor Partners L.P. (STON) will lower its quarterly distribution to $0.33 per unit. Previously the dividend had been raised for 10 consecutive years. Larry Miller, President and CEO of StoneMor, commented, “As previously discussed, we are working to re-grow our sales force, increasing both its quality and size. To accomplish this, we have recently engaged a national recruiting firm, increased our in-house recruiting efforts, and hired a national vice-president of sales, all of which we expect will yield significant improvements in the months ahead. However, previous efforts to accomplish our salesforce goals have meaningfully lagged our expectations, resulting in a negative impact on our revenue. While 3rd quarter 2016 results are not yet final, preliminary data has led the General Partner and the Board of Directors to temporarily reduce the quarterly cash distribution to $0.33 per unit. This distribution level, along with previously announced cost savings measures totaling $7 m...

Martin Midstream Partners L.P. (MMLP) will lower its quarterly distribution to $0.50 per unit.