Capital Spending

  • 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

  • STEP Energy To Upgrade Fracturing Fleet

    STEP Energy Services Ltd. announced a client-backed upgrade to its Canadian fracturing fleet.

    September 15, 2022, 12 AM MDT

  • 2022 Capex Trends – Increased Capital Spending Announcements Prevalent In Q2 Results

    Several western Canadian E&P companies announced increases to their capital expenditure budgets during the release of their Q2 financial results reports, in late July and early August, to accelerate drilling plans in 2022, to deal with higher-than-budget inflation, to address service cost hikes and to take advantage of higher commodity prices.

    September 14, 2022, 6 AM MDT

  • Tamarack Lays Out Preliminary 2023 Capital Plans, Post-Deltastream Acqusition

    Tamarack Valley Energy Ltd. outlined a $400 – $450 million, preliminary spending plan for 2023, which includes the acquisition of Deltastream Energy Corporation.

    September 12, 2022, 6:06 AM MDT

  • Trican Upgrading Fourth Set Of Existing Pumping Equipment With CAT Tier 4 Dynamic Gas Blending Engines

    Trican Well Service Ltd. will continue to expand its fleet of next generation, low emissions fracturing equipment by upgrading its fourth set of existing pumping equipment with CAT Tier 4 dynamic gas blending (DGB) engines.

    September 12, 2022, 6:37 AM MDT

  • Whitecap Closes XTO Acquisition; Increases Guidance

    Whitecap Resources Inc. has successfully closed the previously announced acquisition of XTO Energy Canada.

    September 1, 2022, 12 AM MDT

  • Province Projects Strong O&G Sector Activity, Continued Strong Commodity Prices

    Led by conventional oil and gas, the Alberta government says activity and investment in the energy sector has substantially picked up since it released its budget in February as commodity prices soared.

    August 31, 2022, 11:13 AM MDT

  • Major Themes For Producers In Q2: Emissions Plan Reaction, Capital Spending Hikes, Inflationary Concerns, Cash Flow Bonanza

    The DOB has synthesized our coverage of producers’ second quarter reports and conference calls to highlight the dominant themes that emerged.

    August 29, 2022, 6 AM MDT

  • Norway’s Oil, Gas Firms Raise Investment Forecasts

    August 19, 2022, 12 AM MDT

  • Kiwetinohk Sets Record For Quarterly Production In Q2, Adjusts Guidance

    Total production for Kiwetinohk Energy Corp. in the second quarter of 2022 exceeded what the company saw from the same time a year earlier by 56 per cent.

    August 12, 2022, 12 AM MDT

  • Vermilion Lifts Capital Spending Plan For 2022

    As a result of forest fire related downtime in France, offshore drilling delays in Australia, combined with inflationary pressure, Vermilion Energy Inc. is increasing its 2022 capital budget by $50 million to $550 million.

    August 12, 2022, 12 AM MDT

  • Pieridae Lowers Production Outlook

    Reinjecting ethane into the gas stream limited reportable sales volumes for Pieridae Energy Limited last quarter and is a factor in the company revising its production guidance for the year.

    August 11, 2022, 7:16 AM MDT

  • Market Conditions Improving For Oilfield Services, Says Total Energy Chief Executive

    Oilfield service prices are improving but the sector still needs further gains to get margins back to sustainable levels, Total Energy Services Inc. president and chief executive officer Daniel Halyk told analysts on the company’s 2022 second quarter conference call.

    August 10, 2022, 12 AM MDT

  • Birchcliff Lifts Capital Budget On Inflationary Pressure, 2023 Procurement

    Birchcliff Energy Ltd.’s F&D capital expenditures in 2022 are now anticipated to be $275 million to $285 million, up from $240  to$260 million, primarily as a result of increased inflation and the procurement of certain long-lead capital items to prepare for the efficient execution of the 2023 capital program.

    August 10, 2022, 2:30 PM MDT

  • Bonterra Boosts Capital Spending Range

    Bonterra Energy Corp. increased its capital expenditure budget range to $70 million to $75 million, due to additional infrastructure costs and inflationary pressures.

    August 10, 2022, 3:14 PM MDT

  • Rubellite Plans $24-$26 Million Second-Half Program

    During the second half of 2022, Rubellite Energy Inc. plans to spend approximately $24 to $26 million to continue its two-rig drilling program into the fourth quarter of 2022 to drill, complete, equip and tie-in 20 (17.2 net) multi-lateral horizontal wells planned in its three core operating areas at Ukalta, Figure Lake and Marten Hills.

    August 10, 2022, 3:26 PM MDT

  • Spartan Delta Boosts Capital Plan

    Spartan Delta Corp.'s board of directors has approved a $90 million increase to its 2022 capital program.

    August 10, 2022, 12 AM MDT

  • TransGlobe Boosting Capital Spending

    In Canada, during the second quarter TransGlobe Energy Corporation successfully drilled three, 100 per cent working interest horizontal Cardium reservoir development wells (two, two-mile, and one, one-mile) in the South Harmattan area.

    August 10, 2022, 6:42 AM MDT

  • Total Energy Hikes Spending Outlook For 2022

    In response to increasing activity levels and longer lead times for certain equipment, Total Energy Services Inc. has increased its 2022 capital expenditure budget to $56.2 million.

    August 9, 2022, 12 AM MDT

  • Crew Boosts Capital Spending Forecast

    Crew Energy Inc. now plans to invest between $130 and $140 million of net capital expenditures for 2022, resulting in average annual production guidance of 32,000 to 33,000 boe/d.

    August 9, 2022, 12 AM MDT

  • Oilsands CEOs Say Inflationary Impact ‘An Issue’ But Yet To Be Materially Felt

    The chief executives of Canada’s oilsands juggernauts say inflationary pressures are being felt but are limited in impact so far because their respective long-lead-time projects have required them to procure supplies and services prior to any major price spikes.

    August 8, 2022, 8:29 AM MDT

  • 2022 Capex Trends – Western Canada Activity On The Upswing

    Some recent capex announcements portend a positive outlook for drilling activity in the coming months.

    August 8, 2022, 8:35 AM MDT

  • Tenaz Boosts Spending Outlook

    Tenaz Energy Corp. has boosted capital spending guidance from $5.8 to $8.0 million following the completion of wells in the Leduc-Woodbend, driven by longer well lengths with more frack stages, higher-than-budgeted inflation in services prices, and costs for open-hole sidetracking in one of the wells due to a stuck drill pipe event.

    August 8, 2022, 5:55 AM MDT

  • Suncor Hikes Spending, Lowers Production Guidance

    Suncor Energy Inc. has revised its full-year outlook for capital expenditures from a single point estimate of $4.7 billion to a range of $4.9-$5.2 billion while also downgrading its average production expectations for the year.

    August 5, 2022, 10:41 AM MDT

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