Bonavista Energy Corporation plans to maintain production between 61,000 and 64,000 boe/d with lower E&D spending of between $85 million and $95 million, which is within forecasted adjusted funds flow for the year.
May 14, 2020, 7:25 AM MDT
May 14, 2020, 8:18 AM MDT
Peyto Exploration & Development Corp. says preparation for and reaction to the sweeping global pandemic dominated the first quarter of 2020 and forced the company to reduce spending and alter its drilling plans.
May 13, 2020, 11:16 AM MDT
North American producers continue to slash their capital budgets in the wake of low oil prices and COVID-19 demand destruction, but many are also reviewing their ongoing operating expenses.
May 13, 2020, 11:39 AM MDT
Storm Resources Ltd.’s capital investment is intended to be approximately equal to or less than forecast funds flow and is being reduced $25 million by deferring activity at Fireweed for up to one year (first production in the second half of 2021 or in early 2022).
May 13, 2020, 7:39 AM MDT
Tamarack Valley Energy Ltd. says it is taking “bold and proactive” steps designed to preserve and protect shareholder value. These steps include shutting in production and lowering capital guidance.
May 13, 2020, 12 AM MDT
Paramount Resources Ltd. has lowered its capital spending plan for 2020 to $165 million from the previous range of $185 million to $250 million.
May 13, 2020, 10:38 AM MDT
Ovintiv Inc. continues to manage operations through capital expenditure reduction, cost efficiencies, shutting-in production and protecting its balance sheet and is well positioned to hit the ground running once the COVID-19 induced market chaos begins to subside, says CEO Doug Suttles.
May 8, 2020, 11:26 AM MDT
The estimated cost of the Heartland Petrochemical Complex (HPC) is now approximately $4 billion, with the majority of incremental costs expected to be incurred in 2021 and 2022, says Inter Pipeline Ltd.
May 7, 2020, 10:13 AM MDT
Canadian Natural Resources Limited is cutting an additional $280 million from its 2020 capital budget but unlike many of its peers in Canada and the United States the company has opted to maintain its dividend at current levels.
May 7, 2020, 11:14 AM MDT
Murphy Oil Corporation has further ramped down capital spending for the third time this year, now to half its original US$1.45-billion guidance, as the COVID-19 pandemic continues to take a heavy toll on the industry.
May 7, 2020, 11:01 AM MDT
Seven Generations Energy Ltd. plans to refocus its 2020 development drilling program towards the company’s gas-weighted assets, given the weakness in liquids pricing and the relative strength in natural gas forward pricing.
May 7, 2020, 10:48 AM MDT
During this period of weak prices, ARC Resources Ltd. will reduce operational output at its light oil and condensate-weighted properties.
May 7, 2020, 6:13 AM MDT
As a result of the current weakness and uncertainty in the price of oil, starting in April Gear Energy Ltd. chose to shut-in the majority of its production and immediately pursue reductions to the variable costs of the business in an effort to maximize funds from operations.
May 7, 2020, 1:53 PM MDT
Kelt Exploration Ltd. says it is taking measures to reduce production levels to protect against selling oil at negative margins and to preserve value.
May 7, 2020, 6:45 AM MDT
In response to the current shift in commodity prices, Advantage Oil & Gas Ltd. has lowered 2020 capital guidance to between $130 million and $145 million, with plans to moderate liquids growth and focus spending on the highest rate-of-return investments at Glacier.
May 7, 2020, 7:09 AM MDT
To preserve the financial health and resiliency of the company and navigate the current business environment dominated by COVID-19 demand destruction, Suncor Energy Inc. has slashed an additional $400 million from its 2020 spending plans and cut its dividend by 55 per cent.
May 6, 2020, 10:23 AM MDT
Crescent Point Energy Corp. says the company’s first quarter capital expenditures represent close to half of its revised annual budget of $650–$700 million.
May 6, 2020, 11:22 AM MDT
Tourmaline Oil Corp. reduced full-year 2020 EP capital budget from the originally-planned $925 million to a maintenance capital budget of $800 million with approximately $400 million available for the second half of 2020, facilitating a forecast 2020 exit rate of 315,000 – 320,000 boe/d.
May 6, 2020, 3:44 PM MDT
NuVista Energy Ltd.’s capital spending for 2020 is expected to be in the range of $165–$175 million, a reduction of almost 50 per cent from the original full-year budget and a reduction of approximately 75 per cent for the remaining three quarters of 2020.
May 6, 2020, 7:34 AM MDT
TORC Oil & Gas Ltd. is reducing its 2020 capital spending to $75 million from the original budget of $190 million in order to maintain financial flexibility.
May 6, 2020, 12 AM MDT
May 6, 2020, 8:33 AM MDT
Despite its strong financial liquidity driven by its estimated $525 million full, year 2020 hedge book, MEG Energy Corp. is further reducing its 2020 full year capital budget by an additional $50 million to $150 million from the previously revised level of $200 million.
May 5, 2020, 9:17 AM MDT
A $1.7 billion federally-funded program aimed at putting energy workers back to work immediately while accelerating well site abandonment and reclamation efforts launched May 1 with an initial $100 million, according to the Alberta government.
May 5, 2020, 11:42 AM MDT
Perpetual Energy Inc.’s capital spending in the first quarter of 2020 of $5.2 million was primarily directed to the four-well (4.0 net) heavy oil drilling program targeting the Clearwater formation in the Ukalta area of eastern Alberta.
May 5, 2020, 7:46 AM MDT