The average yield on dividend-paying energy services companies is now 4.8%, reported Canadian broker Mackie Research.
The figure was unchanged from the week prior, and comes against the background of an increase of 11 in the active rig count in Canada last week.
The count is down 36% year-over-year, though, and 44% below the 2009 level.
The US market was down week-over-week with the loss of 48 rigs and has not had an addition since August 2015, the broker noted.
The active count is now down 70% since the end of October 2014.
On the results front, fourth quarter results from Canadian energy firm Suncor (TSE:SU, NYSE:SU), missed consensus estimates.
Suncor announced it was cutting its capital guidance for 2016 to a range of $6-$6.5 billion from the prior level of $6.7-$7.3 billion.
Tourmaline Oil (TSE:TOU) was another to announce it is reining in capital spending, cutting spending on the 2016 exploration by $175mln to $925mln.
To date, a total of 17 of the 20 largest Canada-listed exploration and production (E&P) companies have announced plans to cut capital expenditure (capex) budgets in fiscal 2016 (F2016).
“The aggregate budgets, of those that have announced, imply a 18% y-y [year-on-year] decline in capex and 43% decline since F2014,” Mackie noted.