As we note in this month’s Portfolio Update, a steep decline in oil and gas prices since last spring wreaked havoc on exploration and production companies and those providing services to them.

CE Portfolio Aggressive Holding Enerplus Corp. (TSX: ERF, NYSE: ERF) announced in late February that it would cut its dividend 44.4% and capital expenditures 24%. Enerplus is also selling assets, reducing its production of Pennsylvania gas wells and deferring completion of North Dakota oil wells.

On the company’s conference call to discuss fourth-quarter and full-year 2014 results, CEO Ian Dundas described the moves as “prudent” rather than “conservative.”

Enerplus made a similar move in June 2012, cutting its dividend payout 50% to conserve cash. The company returned to production growth soon thereafter.

Although Enerplus has a good track record after cutting dividends, the company has still cut them steeply twice in three years. We prefer oil and gas exposure that offers us a little more consistency. Enerplus is a hold.

Although it reported record annual and quarterly earnings on Feb. 25, 2015, horizontal and directional driller PHX Energy Services Corp. (TSX: PHX, OTC: PHXHF), slashed its dividend 50% in response to “the contracting industry that has resulted from depressed commodity prices.”

Aggressive Holding PHX Energy Services remains a hold.

Fellow Aggressive Holding Wajax Corp. (TSX: WJX, OTC: WJXFF), which derived 28% of its total revenue in 2014 from customers in the mining, oil and gas, and oil sands markets, reduced its payout 58.3%.

The move is designed to increase funds available for investing in a new growth strategy that management outlined during its fourth-quarter and full-year results presentation. Wajax is now a hold.