Capital Spending

  • Cardinal Establishes Thermal Operating Group; Targeting Reford Project

    Several years ago, Cardinal Energy Ltd. identified steam assisted gravity drainage (SAGD) as an area that could provide growth and further decrease decline levels.

    November 7, 2023, 6:09 AM MST

  • Cardinal Outlines 2024 Spending Plan

    For 2024, Cardinal Energy Ltd. laid out a planned conventional capital budget of $116 million with a further $68.5 million for the Reford thermal oil project.

    November 7, 2023, 6:21 AM MST

  • Growth Projects To Figure Prominently In Cenovus’s 2024 Capital Budget

    While Cenovus Energy Inc. won’t release its officials 2024 capital budget until next month, company officials expect it to be in the same range as this year at somewhere between $4.5-$5 billion.

    November 3, 2023, 12 AM MDT

  • ARC Resources Lowers Planned Spending For 2024

    ARC Resources Ltd. expects to spend between $1.75 to $1.85 billion in 2024 to maintain production in the 350,000 to 360,000 boe/d as it advances its Attachie project in northeastern B.C.

    November 3, 2023, 6:42 AM MDT

  • Vermilion’s Montney Work Influences Capital Expenditure Guidance Boost

    Vermilion Energy Inc. has increased its 2023 capital expenditure guidance by $20 million to $590 million.

    November 3, 2023, 12 AM MDT

  • Enerplus Narrows Spending Range

    Enerplus Corporation’s 2023 capital spending guidance was narrowed to $520 to $540 million (from the previous range of $510 to $550 million).

    November 3, 2023, 6 AM MDT

  • Paramount Outlines 2024 Spending Of $830-$890 Million

    Paramount Resources Ltd. is budgeting 2024 capital expenditures of between $830 million and $890 million, $60 million at midpoint more than the previous high range of preliminary guidance.

    November 2, 2023, 6:14 AM MDT

  • Tourmaline Outlines 2024 Spending Plan

    Tourmaline Oil Corp.'s board of directors has approved a full year 2024 EP capital budget of $2.15 billion, reflecting a 14-15 rig program and including $225 million associated with the Bonavista Energy Corporation assets.

    November 1, 2023, 3:30 PM MDT

  • Whitecap Forecasts Significant Infrastructure Spend As It Builds Montney And Duvernay Production

    Whitecap Resources Inc. expects to spend over $100 million annually the next three years building infrastructure as it grows Montney and Duvernay production from 70,000 to 110,000 boe/d by the end of 2027, president and chief executive officer Grant Fagerheim said at the company’s third quarter 2023 conference call.

    October 27, 2023, 12 AM MDT

  • Whitecap To Spend $1.0 – $1.2B In 2024

    Whitecap Resources Inc. has approved a capital budget of $1.0 – $1.2 billion which includes the drilling of approximately 258 (222.7 net) wells and is expected to generate average production of 162,000 – 168,000 boe/d or five per cent production per share growth at the mid-point.

    October 25, 2023, 3:17 PM MDT

  • Rubellite Announces Clearwater Acquisition

    Rubellite Energy Inc. has entered into a definitive purchase and sale agreement to acquire additional Clearwater assets within the Figure Lake and Edwand areas as well as undeveloped land in the Nixon area of northeast Alberta.

    October 20, 2023, 12 AM MDT

  • Peace River Assets Will Drive Obsidian’s Production Growth To 2026

    Obsidian Energy Ltd.’s Peace River assets are front-and-centre in the company’s new three-year plan and will provide the lion’s share of production growth during the period, president and CEO Stephen Loukas says.

    September 22, 2023, 12 AM MDT

  • Obsidian Hikes Capital Spending Outlook

    Obsidian Energy Ltd. hiked its capital budget to $300 million.

    September 21, 2023, 6:06 AM MDT

  • Saturn Lowers 2023 Capex Outlook

    In light of WTI oil price volatility that has prevailed through 2023, along with Saturn Oil & Gas Inc. commitment to optimize returns on invested capital, the company has elected to reduce capital expenditures for 2023 and will also be commencing the winter drilling program later in the year than originally anticipated.

    September 20, 2023, 9:49 AM MDT

  • Kaybob Duvernay, Alberta Montney Will Make Up 70% Of  Crescent Point Budget

    Crescent Point Energy Corp. is forecasting annual production of 145,000 to 151,000 boe/d in 2024 based on development capital expenditures of $1.05 to $1.15 billion.

    September 11, 2023, 5:15 AM MDT

  • Hammerhead Boosts Production Outlook, Lowers Capex

    Hammerhead Energy Inc. lifted 2023 annual average production guidance to 41,500 boe/d from the previous estimate of 40,200 boe/d.

    September 6, 2023, 7:48 AM MDT

  • Lycos Energy Boosts Capex

    Lycos Energy Inc. is increasing its 2023 acquisition expenditures to $59.0 million and its 2023 exploration, development and other capital expenditures to $47.0 million from $50.0 million and $37.0 million, respectively.

    August 25, 2023, 7:46 AM MDT

  • Crescent Point To Sell North Dakota Assets

    Crescent Point Energy Corp. has entered into an agreement with a private operator to sell its North Dakota assets for US$500 million (approximately $675 million) in cash.

    August 24, 2023, 9:34 AM MDT

  • Petrus Lowers Capex Outlook For 2023

    Petrus Resources Ltd. has lowered its 2023 capital budget guidance to $60 million to $75 million, $33.1 million of which has already been spent, largely on drilling.

    August 15, 2023, 6:05 AM MDT

  • Rubellite Expects $54 - $65 MM In Spending

    Rubellite Energy Inc.’s board of directors has approved the addition of the second rig at Figure Lake to expand development capital spending for the remainder of 2023, bringing total expected exploration and development capital spending for 2023 to $54 - $65 million.

    August 11, 2023, 6:19 AM MDT

  • Efficiencies Allow Crew To Plan Additional Wells

    Crew Energy Inc. has benefited from improved capital efficiencies and is maintaining its annual capital investment guidance of $190 to $210 million.

    August 10, 2023, 12 AM MDT

  • Journey Lowers Capex Outlook

    Journey Energy Inc. reduced its 2023 capital budget to $46 million from $63 million and now anticipates drilling seven (5.6 net) wells in the Medicine Hat and Cherhill pools.

    August 10, 2023, 8:13 AM MDT

  • Pieridae’s Q2 Output Drops On Unscheduled Downtime, Wildfires

    Pieridae Energy Limited says production has largely recovered from unscheduled downtime during the second quarter, with recent field production back to about 35,600 boe/d.

    August 10, 2023, 9:32 AM MDT

  • Enerplus Narrows Capital Range

    Enerplus Corporation narrowed its capital spending guidance range for 2023 to $510 – $550 million from $500 – $550 million.

    August 10, 2023, 6 AM MDT

  • Inflationary Pressures Still A Factor, Says CNRL’s McKay

    While dissipating somewhat from recent highs, Canadian Natural Resources Limited’s top executive says inflationary pressures are still in play, especially on the labour front.

    August 4, 2023, 12 AM MDT

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