With oil prices near $40 per barrel, some oil sand producers are barely scraping by while others are losing money for every barrel they produce. With no end in sight, some companies have been forced to take the necessary steps to weather the current environment.

Baytex Energy Corp (TSX: BTE, NYSE: BTE) announced it will suspend its monthly dividend to right its balance sheet. Baytex took measures in January by reducing its dividend from CAD0.24 to CAD0.10 but had to act again given the prolonged slump in oil prices. The last cash dividend will be paid Sept 15.

Along with the dividend cut, it also said it will shave 25% of its exploration and development spending in 2016 to a range of CAD350 million and CAD400 million.

James Bowzer, Baytex Chief Executive said: “It is imperative that we position our company to withstand the current low commodity price environment. We are committed to taking the difficult but necessary steps to ensure the long-term sustainability of our business”

Management noted that it plans to reinstate its monthly dividend when commodity prices recover to a level which can support it.

Crescent Point Energy Corp (TSX: CPG, NYSE: CPG) also announced it would reduce its monthly dividend by 57% to CAD0.10 per share. During the second quarter, the company saw realized prices for its crude oil and natural gas liquids drop 38% and natural gas prices decline 44%. It posted a loss of CAD240.4 million, or CAD0.53 per share for the period. Adjusted for items, earnings per share came in at CAD0.09, compared to CAD0.43 last year.

Bolstered by a strong U.S housing market, Acadian Timber Corp’s (TSX: AND, OTC: ACAZF) posted a strong second-quarter. Increased harvest volumes and higher selling prices drove a revenue increase of 28% to CAD15.4 million.

The strong revenues drove a 96% increase in second-quarter adjusted earnings before interest taxes, depreciation and amortization (EBITDA) to CAD3.8 million and an improvement in EBITDA margin from 16% to 25%.

For the first half of 2015, net revenues are 20% higher than the same period last year while free cash flow (FCF) is up 56% to CAD10.4 million. The improvement in FCF lowered its year-to-date payout ratio to 73%, compared to 104% in 2014.

Acadian continues to benefit from employment and income growth in the U.S. and increased housing starts. Analysts forecast a 15% rise in housing starts this year with comparable or greater growth expected into 2016.

Due to its recent acquisition of Direct Energy Marketing Limited’s home and small commercial services business (Home Services), EnerCare (TSX: ECI, OTC: CSUWF) saw total revenues jump 82% to CAD134.9 million in the second quarter with its Home Services segment contributing about CAD55.8 million of this increase.

EBITDA for the period improved 41% to CAD57.3 million as net earnings improved by 116% to CAD16.2 million. The company also lowered its dividend payout ratio to 60% from 71% in the same period last yer.

Management expects this strong performance to continue into the second half of 2015.