The Globe and Mail reports in its Thursday edition that income investors want dependable, predictable cash flows, which can be difficult when companies are vulnerable to rapid swings in the price of oil and gas. Globe columnist Gordon Pape writes that Peyto Exploration & Development is one of Canada's leading gas exploration and production companies. It's the fifth-largest Canadian producer. It owns and operates 99 per cent of its production and 12 gas processing plants. Right now, Peyto is paying investors 11 cents a month ($1.32 a year) for an eye-popping yield of 10.7 per cent. The high yield, however, reflects the uncertainty of what will happen when the next plunge in gas prices occurs. Peyto has a history of slashing its payout dramatically when the bear comes around. In December, 2017, the dividend was also at 11 cents a month. Then hard times hit the energy sector and the company slashed its dividend 45 per cent, to six cents a month at the start of 2018. By January, 2019, it was down to two cents. In June, 2020, it was cut in half again, to a penny. The company was quick to raise it again when gas prices firmed, but the message to investors was loud and clear: If gas prices head down, "We're cutting."