Small U.S. shale firm scraps dividends as it explores all options

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[Reuters] – Oil and gas producer Magnum Hunter Resources Corp, laden with debt and stung by the worst market downturn in six years, scrapped its dividends on Friday and hired a financial adviser to explore all strategic alternatives. The company, run by Chief Executive Gary Evans, said it hired PJT Partners LP, a financial adviser known for restructuring work, and the law firm Kirkland & Ellis LLP as legal adviser. Cash-strapped Magnum Hunter, mainly a natural gas producer, operates in the Marcellus and Utica shale fields of Ohio and West Virginia.

from Yahoo! Finance: Oil & Gas Drilling & Exploration Industry News

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