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
May 4, 2020, 8:52 AM MDT
Precision Drilling Corporation expects the federally-funded $1.7 billion well abandonment and site rehabilitation program to support the well-services business quite nicely but top executives are concerned the funding does little to support the drilling side of oilfield services – a segment experiencing record lows.
May 1, 2020, 6:17 AM MDT
Being the largest service rig company in Canada, CWC Energy Services Corp. said it will be a net beneficiary of the $1.7 billion funding package to the governments of Alberta, Saskatchewan, British Columbia and the Alberta Orphan Well Association (OWA) for well decommissioning and reclamation of abandoned and inactive wells.
May 1, 2020, 6:43 AM MDT
May 1, 2020, 10:49 AM MDT
May 1, 2020, 10:56 AM MDT
May 1, 2020, 10:43 AM MDT
Whitecap Resources Inc. expects that one million to 1.5 million bbls/d of Canadian production will be suspended, Grant Fagerheim, president and chief executive officer, said in a conference call to discuss first quarter 2020 results.
April 30, 2020, 6 PM MDT
Vermilion Energy Inc. says it has had only “moderate impacts” on its operations due to COVID-19, with those effects stemming solely from reduced availability of third party services in France.
April 29, 2020, 3:34 PM MDT
CNOOC Limited has reduced its annual net production target for 2020 from 520-530 million boe to 505-515 million boe and total capital expenditures for 2020 from RMB 85-95 billion to RMB 75-85 billion.
April 29, 2020, 3:56 AM MDT
Athabasca Oil Corporation says it is taking further actions in response to the decline in global oil prices to bolster balance sheet strength and corporate resiliency.
April 29, 2020, 6:54 AM MDT
Leucrotta Exploration Inc.’s capital spending will be limited on a go-forward basis until there is more clarity on commodity prices.
April 29, 2020, 4:09 AM MDT
In response to the decrease in oil prices, Razor Energy Corp. has shut in all of its operated heavy oil production, along with certain light oil wells which are sub-economic at current prices.
April 29, 2020, 12 AM MDT