Capital Spending

  • 2024 Capex Trends: Updates On Supply/Demand Fundamentals

    In the U.S., natural gas producers expect a major demand boost for the remainder of the decade they hope will return prices to more sustainable levels and allow them to boost production.

    March 28, 2024, 6 AM MDT

  • Strathcona Defers Some Natgas Completions Due To Weak Prices

    Strathcona Resources Inc.’s anticipated 2024 capital budget of $1.3 billion continues to progress as planned though the company has deferred some activity due to weak natural gas prices.

    March 27, 2024, 10:54 AM MDT

  • Petrus Boosts Output

    Petrus Resources Ltd.’s total average annual production increased by 35 per cent to 10,301 boe/d in 2023, compared to 7,604 boe/d in 2022, in line with 2023 production guidance.

    March 27, 2024, 6:01 AM MDT

  • Rubellite’s Capital Program For 2024 Focused On Figure Lake

    Rubellite Energy Inc. expects exploration and development capital spending to be approximately $12 - $13 million in the first quarter of 2024.

    March 15, 2024, 12 AM MDT

  • STEP Energy Expects Strong Q2 Activity, ‘Hasn’t Seen Any Pullback’ From E&Ps

    Despite continued weakness in North American natural gas prices, STEP Energy Services Ltd. has yet to see a material pull-back in E&P customers’ activity.

    March 13, 2024, 6 AM MDT

  • Peyto Not Planning Cuts To 2024 Capital Budget: CEO

    With approximately 70 per cent of its production hedged at almost $4/mcf and some of the lowest costs in the industry, Peyto Exploration & Development Corp. has no current plans to cut its 2024 capital spending like other gas focused operators.

    March 12, 2024, 12 AM MDT

  • 2024 Capex Trends: Some Natgas-Focused Producers Announce Spending Cuts

    The Canadian Association of Petroleum Producers (CAPP) is forecasting capital expenditures for the upstream oil and gas sector will reach $40.6 billion in 2024, rising slightly from an estimated investment of $39 billion for 2023.

    March 12, 2024, 10:29 AM MDT

  • Headwater Boosts Capital Spending Budget

    As a result of Headwater Exploration Inc.’s success in accumulating incremental lands year to date in 2024, the board of directors has approved an expansion of the company's 2024 capital budget from $180 million to $200 million.

    March 8, 2024, 12 AM MST

  • Surge Continues To Be Active Drilling Sparky, SE Saskatchewan

    In the first half of 2024, Surge Energy Inc. continues to execute an active drilling program in both the Sparky and SE Saskatchewan core areas, with 29.7 net wells budgeted to be drilled.

    March 7, 2024, 5:23 AM MST

  • Coelacanth Outlines Capital Budget, Focused On Two Rivers

    Coelacanth Energy Inc. outlined a capital budget of up to $128 million to be invested in 2024 and Q1 2025.

    March 7, 2024, 12 AM MST

  • Yangarra Continues To Drive Down Drilling Times, Costs

    Yangarra Resources Ltd. continues to refine its drilling approach resulting in a dramatic reduction in drilling times and drilling costs.

    March 7, 2024, 5:12 AM MST

  • Paramount Shuts In Dry Gas Production Due To Low Prices

    Paramount Resources Ltd. has shut-in dry gas production due to lower natural gas prices.

    March 6, 2024, 7:29 AM MST

  • Tourmaline Cutting 2024 Capex Due To Low Gas Prices

    Tourmaline Oil Corp. is cutting forecast capital spending from $2.35 billion to $2.13 billion in 2024 due to current low natural gas prices, the company said in its year-end 2023 earnings report.

    March 6, 2024, 3:31 PM MST

  • Pine Cliff Lays Out Spending Plan, Increases AECO Hedge Position

    Pine Cliff Energy Ltd. 's board of directors has approved a 2024 capital expenditure budget of $17.5 million, including $7.0 million of abandonment and reclamation spending.

    March 5, 2024, 5:08 AM MST

  • Advantage Energy Reduces 2024 Capital Budget Outlook

    Advantage Energy Ltd. has announced it is reducing its capital spending for 2024 by $40 million at the midpoint without changing its production guidance for the year or, president and CEO Michael Belenkie added, compromising the company’s long-term adjusted funds flow [AFF] per share.

    March 5, 2024, 11:03 AM MST

  • Athabasca Outlines Duvernay Energy’s Growth Potential

    Duvernay Energy Corporation has self-funded growth potential to about 25,000 boe/d (75 per cent liquids) by the late 2020s, reports Athabasca Oil Corporation.

    March 4, 2024, 12 AM MST

  • MEG Averaged More Than 100,000 Bbls/d-Plus For The First Time In 2023

    MEG Energy Corp. reached a milestone in 2023 as average production grew by six per cent, averaging over 100,000 bbls/d for the first time and exiting the year at approximately 110,000 bbls/d.

    March 1, 2024, 9:03 AM MST

  • Tamarack Updates 2024 Capital Guidance

    Tamarack Valley Energy Ltd. has pulled back expectations around its capital spend this year.

    March 1, 2024, 5 AM MST

  • PHX Energy Lifts Capital Spending

    PHX Energy Services Corp.  approved a preliminary 2024 capital expenditure program of $70 million. Of the 2023 capital expenditure budget, $5 million was not spent in 2023 and will be carried forward into 2024.

    March 1, 2024, 5:45 AM MST

  • Alberta Budget: Optimism For Producers, Although Province Cites Political, Regulatory Headwinds

    While not a return to the salad days of boom times, the Alberta government says there is “optimism” among Alberta’s oil and gas producers, despite political and regulatory uncertainties from the federal government.

    February 29, 2024, 3:19 PM MST

  • Though Cautiously Optimistic In Its Latest Capex Forecast, CAPP Warns Of Potential Headwinds

    Although the Canadian Association of Petroleum Producers’ (CAPP) latest forecast is calling for a slight increase in industry capital expenditures this year, persistently weak natural gas prices and the resulting decision by some producers to cut spending plans could alter the numbers.

    February 28, 2024, 2:19 PM MST

  • 2024 Capex Trends: Canadian LNG Sector Can Capitalize On U.S. Approval Pause – Alberta Premier

    The decision of U.S. President Joe Biden to pause approval of new LNG export licences is an opportunity for Canada as it prepares to start exporting the fuel, according to Alberta Premier Danielle Smith.

    February 27, 2024, 12 AM MST

  • CAPP Expects Slightly Higher Capital Spending For 2024

    The Canadian Association of Petroleum Producers (CAPP) is forecasting capital expenditures for the upstream oil and natural gas sector will reach $40.6 billion in 2024, rising slightly from an estimated actual investment of $39 billion for 2023.

    February 27, 2024, 9 AM MST

  • Spartan Delta Lowers Capex

    Spartan Delta Corp. is reducing its 2024 forecast operating costs by nine per cent to $6.07/boe and reducing its capital expenditures, before A&D, by $5 million to $125 million, exclusive of Duvernay activity, while production guidance remains unchanged at 38,500 – 40,500 boe/d.

    February 27, 2024, 12 AM MST

  • Chesapeake To Cut Spending, Output As Natgas Prices Languish

    Given the persistent and increasing weakness in U.S. natural gas prices, Chesapeake Energy Corporation is pulling in the reins on 2024 capital spending and drilling and completion activity, says the company’s top executive.

    February 22, 2024, 12 AM MST

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