We have another six dividend cuts in the Oil & Gas segment to report this month, including three repeat offenders, Canadian Oil Sands Ltd., Lightstream Resources Ltd. and Parallel Energy Trust.

Canadian Oil Sands (TSX: COS, OTC: COSWF) actually updated its dividend cut. Management had previously announced a 42.9% reduction to CAD0.20 per share per quarter from CAD0.35.

It will instead pay CAD0.05 per share per quarter, a cut of 85.7%. Canadian Oil Sands is a hold.

Lightstream (TSX: LTS, OTC: LSTMF), meanwhile, discontinued its dividend entirely after announcing a 62.5% cut on Dec. 15, 2014.

The move will save CAD35.5 million on an annualized basis. Sell Lightstream.

Penn West Petroleum Ltd. (TSX: PWT, NYSE: PWE) may be the next E&P to suspend its payout, as low commodity prices promise a steep decline in earnings and bring the company closer to breaching debt covenants. Sell Penn West.

And Parallel Energy Trust (TSX: PLT-U, OTC: PEYTF) slashed its distribution by 60% to CAD0.01 per share. Sell Parallel Energy.

Finally, Bonterra Energy Corp. (TSX: BNE, OTC: BNEFF) cut its dividend in half, to CAD0.15 per month from CAD0.30. 

And Freehold Royalties Ltd. (TSX: FRU, OTC: FRHLF) reduced its payout by 35.7% to CAD0.09 per share per month.

Bonterra, which doesn’t hedge its production, remains a buy under $40.

Freehold Royalties is a hold.

Manitoba Telecom Services Inc. joins the Watch List this month after reporting fourth-quarter results but holding off on guidance for 2015.

Manitoba Telecom (TSX: MBT, OTC: MOBAF) faces a daunting pension liability that will put significant pressure on cash flow in the near future. 

A 90-day strategic review announced along with earnings could result in a dividend cut. Manitoba Telecom is a hold.