Capital Spending

  • Enbridge’s Secured Growth Program Now Stands At About $17B

    Enbridge Inc. added approximately $3.8 billion of growth capital to its secured capital program during the third quarter.

    November 4, 2022, 11:05 AM MDT

  • SECURE Energy CEO Expects Discretionary Free Cash Flow Growth In 2023

    SECURE Energy Services Inc. has set an initial capital plan of $135 million for 2023, which includes $50 million of growth capital.

    November 4, 2022, 12 AM MDT

  • Baytex Ups 2022 Spending As Inflationary Pressures Mount

    Baytex Energy Corp. now anticipates full-year 2022 exploration and development expenditures of approximately $515 million, up three per cent from the previously targeted $500 million which represented the high-end of the company’s prior guidance range of $450-$500 million.

    November 4, 2022, 10:58 AM MDT

  • ARC’s 2023 Budget Positions For 2% Production Growth

    The ARC Resources Ltd.’s board of directors has approved the company’s preliminary 2023 capital budget of $1.8 billion.

    November 4, 2022, 9:50 AM MDT

  • Headwater Releases Preliminary 2023 Budget

    Headwater Exploration Inc. outlined an initial capital budget for 2023 of $200 million resulting in 2023 annual average production of 18,000 boe/d (92 per cent heavy oil).

    November 4, 2022, 12 AM MDT

  • Crew Accelerates Projects Into Q4 2022; Outlines Preliminary 2023 Spending

    Crew Energy Inc.’s strong 2022 financial performance in achieving leverage targets provides the flexibility to expedite two projects that were originally planned for the first quarter of next year.

    November 4, 2022, 12 AM MDT

  • Enerplus Updates Spending Plan

    Enerplus Corporation’s capital spending guidance in 2022 has been updated to $430 million from the prior range of $400 to $440 million.

    November 4, 2022, 6:19 AM MDT

  • CEO: Tourmaline Has ‘Nice Hedge’ Against Inflation, Sees Production Rise In Q3

    With inflationary pressures hooked into many aspects of the energy industry, Tourmaline Oil Corp. possesses qualities and has deployed tactics to fend against it.

    November 3, 2022, 1:41 PM MDT

  • Paramount Outlines 2023 Spending Plan

    With its achievement of the net debt target, strong free cash flow profile and deep inventory of high return opportunities, Paramount Resources Ltd. is budgeting 2023 capital expenditures in a range of between $720 million and $760 million, $65 million higher at the midpoint than previous preliminary guidance.

    November 3, 2022, 5:56 AM MDT

  • STEP Energy Now Expects $97.6 million In 2022 Spending

    STEP Energy Services Ltd.’s 2022 approved capital budget has been increased to $97.6 million, which includes the $3.8 million cash portion related the acquisition of coiled tubing assets from ProPetro.

    November 3, 2022, 4:55 AM MDT

  • 2023 Capex Trends: Natural Gas Prices To Strengthen

    Despite some recent weakening in AECO pricing, industry analysts expect a strong run for natural gas producers in the coming months given the strong fundamentals, reports the DOB’s latest guidance report.

    November 2, 2022, 9:36 AM MDT

  • Gear Outlines 2023 Capital Program

    Gear Energy Ltd.’s board has approved a 2023 capital budget of $61 million designed to target four key strategic goals.

    November 2, 2022, 3:26 PM MDT

  • Journey Lowers E&D Portion Of 2022 Capital Program

    Journey Energy Inc.’s 2022 capital program will see the company participating in 15 (12.6 net) wells in six different areas, versus the originally planned program of 17 (15 net) wells in seven areas.

    November 1, 2022, 12 AM MDT

  • Yangarra Bumps Up 2022 Spending

    Yangarra Resources Ltd. has bumped up its 2022 capital spending program by $5 million.

    November 1, 2022, 6:37 AM MDT

  • Imperial Managing Inflationary Pressures, Wide Differentials

    Unlike many oil and gas producers, Imperial Oil Limited’s top executive says the company is staying the course with its capital spending plans despite inflationary pressures that have impacted the sector and resulted in many operators increasing spending.

    October 31, 2022, 6 AM MDT

  • Crescent Point Bumps Up 2022 Spending, Outlines 2023 Capital Plans

    Crescent Point Energy Corp.’s 2022 development capital expenditures guidance has been increased to $950 million, from $875–$900 million previously.

    October 26, 2022, 2:09 PM MDT

  • Investment Boom Coming For Energy Sector As 2050 Looms, Experts Say

    October 26, 2022, 5:52 AM MDT

  • Western Energy Updates 2022 Capital Budget, Books Positive Q3 Net Income

    Western Energy Services Corp. has approved an updated capital budget for 2022 of $37 million, comprised of $25 million of expansion capital and $12 million of maintenance capital, with $32 million allocated to the contract drilling segment and $5 million allocated to the production services segment.

    October 26, 2022, 8:38 AM MDT

  • Birchcliff Outlines Preliminary 2023 Spending; Hikes 2022 Capex

    Birchcliff Energy Ltd. is currently targeting F&D capital expenditures of $240 million to $270 million in 2023, which is expected to deliver annual average production of 81,000 to 83,000 boe/d, a five per cent increase over 2022.ca

    October 13, 2022, 2:58 PM MDT

  • 2022 Capex Trends – Western Canada Drilling Rate Ticks Up

    After exiting August at 44 per cent, the active rate for drilling rigs in Western Canada climbed by three percentage points by the end of September.

    October 11, 2022, 6 AM MDT

  • E&Ps Continue To Take Steps To Mitigate Inflationary Impacts

    Despite bulging bottom lines flush with cash flow and continued and increasing vows of return of capital to shareholders, Canadian E&Ps say they remain mindful of inflationary pressures and are taking steps to mitigate the impacts of rising costs.

    October 4, 2022, 12 AM MDT

  • Tight Global Oil Supply Can’t Be Reversed Easily – Shell, Aramco CEOs

    October 4, 2022, 7:50 AM MDT

  • Whitecap Lays Out 2023 Budget Of $900–$950 Million

    Whitecap Resources Inc. laid out a 2023 capital investment budget of $900–$950 million and average production guidance of 170,000–172,000 boe/d (64 per cent liquids), resulting in significant free funds flow for elevated shareholder returns in 2023, said the company.

    September 28, 2022, 12 AM MDT

  • InPlay Production At Record Levels; 2022 Budget Increased

    InPlay Oil Corp. is currently producing at record production levels of 9,600 boe/d (57 per cent light oil and NGLs) based on field estimates.

    September 28, 2022, 6:38 AM MDT

  • Petrus Hikes Capital Budget

    Market conditions have improved materially since the release of Petrus Resources Ltd. initial 2022 budget in December of last year, said the company.

    September 20, 2022, 12 AM MDT

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