05:18 PM EDT, 03/19/2024 (MT Newswires) -- Alvopetro Energy ( ALVOF ) on Tuesday said its fourth-quarter profit fell 87% as it cut its quarterly dividend by 36%.

The Brazilian oil and gas producer said it earned US$0.65 million, or US$0.02 per share, in the period, down from US$5.19 million, or US$0.14 in the year-prior quarter.

Revenue fell 10% to US$15.3 million from US$17.08 million as its oil and gas production dropped 21% to 2,143 barrels of oil equivalent per day, while its average price per barrel equivalent rose 14% to US$77.60.

The company said it is lowering its quarterly dividend to US$0.09 from US$0.14, with the first lower payout made April 15 to shareholders of record on March 28.

"With lower production levels forecast in the first quarter of 2024 and consistent with our long standing balanced stakeholder return model, our Board of Directors determined it was appropriate to reduce the quarterly dividend," the company said.

The company's shares closed unchanged at C$5.54 on the TSX Venture Exchange.