Suncor Energy is axing its quarterly dividend by 55 percent to reduce its cash breakeven to a WTI Crude price of US$35 a barrel, one of Canada’s biggest oil firms said on Wednesday. Suncor made the statement when reporting a huge Q1 loss due to impairments stemming from the low oil prices. “[A]fter taking significant action in reducing capital and operating costs, the Board believes that reducing the current level of dividends is required to drive down the cash breakeven of the company to a WTI price of US$35 per barrel,” Mark Little, president and chief executive officer at Suncor Energy, said in a statement. Suncor Energy’s Board has decided to cut the quarterly cash dividend by 55 percent to US$0.15 (C$0.21) per common share. As early as in March, Suncor announced cuts to its oil production and spending for this year, as did all Canadian, American, and international […]