The Financial Post reports in its Saturday edition that shares of Birchcliff Energy fell more than 9 per cent in trading Thursday after the company cut its quarterly dividend in half and lowered its expectations for capital spending and production for the year. A Canadian Press dispatch to the Post says that Birchcliff chief executive officer Chris Carlsen says the company is reducing its payment to shareholders in order to protect its balance sheet during what he says is a period of low natural gas prices. The company says it will pay a quarterly dividend of 10 cents per share, down from 20 cents per share. Birchcliff also says it now plans $240-million to $260-million in finding and development capital spending for the year, while annual average production is expected to remain relatively flat at 74,000 to 77,000 barrels of oil equivalent per day. The outlook compares with Birchcliff's preliminary estimate released in November for $260-million to $280-million in finding and development capital spending and annual average production of 77,000 to 79,000 boe/d for 2024. Birchcliff closed Friday at $4.94, down 28 cents on the Toronto Stock Exchange.