Trican Well Service Ltd. has reduced its hydraulic fracturing crew count by half to four active crews, with plans to adjust its cement and coiled-tubing business by similar levels, in response to COVID-19 and a Saudi-Russia oil price war impacting customer activity levels. The company expects Q1 severance costs of approximately $4 million.
April 6, 2020, 7:48 AM MDT
STEP Energy Services Ltd. is reducing its 2020 capital program by 50 per cent to $23.5 million in response to the rapidly-deteriorating business conditions brought on by COVID-19 and the Saudi-Russia oil price war, which caused a material decline in commodity prices globally, resulting in expected spending-plan reductions for clients.
April 2, 2020, 7:10 AM MDT
Tervita Corporation is reducing its 2020 capital budget to $60 million, down 29 per cent from its previously-announced budget, in response to less customer spending in light of COVID-19 and collapsing global oil prices. The company is also reducing its staff as part of efforts to reduce fixed costs.
April 1, 2020, 7:30 AM MDT
Calfrac Well Services Ltd. has lowered its 2020 capital program to $55 million from $100.5 million.
March 30, 2020, 12 AM MDT
Secure Energy Services Inc. will reduce its 2020 capital program by $20 million, or 25 per cent, from the amount previously announced.
March 25, 2020, 6:57 AM MDT
Suncor Energy Inc.’s revised capital program is expected to be between $3.9 and $4.5 billion, a $1.5 billion or 26 per cent decrease compared to the original 2020 capital guidance midpoint.
March 24, 2020, 12 AM MDT
Precision Drilling Corporation is reducing its 2020 capital spending plan by roughly 50 per cent to $48 million in response to less expected demand as customers reduce spending due to lower-than-anticipated commodity prices, with further adjustments throughout the year depending on activity levels.
March 24, 2020, 7:40 AM MDT
Ensign Energy Services Inc. is lowering its 2020 spending plan to $60 million from $100 million.
March 23, 2020, 7:51 AM MDT
As shown in the last two weekly POST reports, producers have been busy pulling back on planned drilling projects recently, as COVID-19 demand destruction and the ongoing Russia-Saudi oil price war impedes the industry.
March 20, 2020, 8:34 AM MDT
March 19, 2020, 2 PM MDT
The historic resilience and stability of Enbridge Inc.’s operating assets will enable the company to withstand today’s challenging environment, says its chief executive.
March 18, 2020, 9:17 AM MDT
Enerflex Ltd. has significantly changed its growth plans for the year in response to uncertainty caused by the COVID-19 pandemic and recent market volatility.
March 18, 2020, 8:02 AM MDT
In response to the COVID-19 pandemic and the recent significant decline in global energy prices, Pembina Pipeline Corporation has announced an overall reduction of $900 million to $1.1 billion (about 40 to 50 per cent) in its 2020 capital spending plans.
March 18, 2020, 10:28 AM MDT
Oilfield service companies must take good care to withstand 2020 given coronavirus pandemic-led oil demand destruction and the latest oil-price war between the Russians and Saudi Arabians, says Audun Martinsen, head of oilfield service research at Rystad Energy AS.
March 17, 2020, 6:50 AM MDT
Keyera Corp. says it takes a long-term view of its business and remains committed to its strategy of delivering steady disciplined growth to create long-term value for shareholders.
March 16, 2020, 11:26 AM MDT
Producers in Canada chopped greater than $2 billion off their 2020 budgets this week in a swift response to the Saudi-Russia price war that erupted over the weekend.
March 13, 2020, 6:15 AM MDT
Total Energy Services Inc. has suspended its dividend and slashed spending plans by more than half in light of “global economic uncertainty and market volatility” compounded by increasing concerns over the potential economic impact of the coronavirus and recent turmoil in global oil markets.
March 13, 2020, 10:32 AM MDT
Husky Energy Inc. is lowering the boom on its spending outlook, dropping the 2020 capital program by $900 million, which is a 33 per cent reduction in upstream spending. There are also $100 million in additional cost-saving measures announced.
March 12, 2020, 3:56 PM MDT
Western Energy Services Corp.’s fourth quarter revenue decreased by $17.3 million to $45.8 million in 2019 as compared to $63.1 million in 2018.
March 3, 2020, 8:07 AM MST
Husky Energy Inc.’s top executive says his company’s operations in China have been relatively unscathed by the coronavirus outbreak and that employee wellbeing remains the number one priority.
February 27, 2020, 11:10 AM MST
Secure Energy Services Inc. says its current growth capital plan for 2020 is $50 million and will be directed primarily at completing construction of the East Kaybob oil pipeline system and other small expansion projects.
February 25, 2020, 9:46 AM MST
Precision Drilling Corporation is planning for a bearish year, says top brass, even if that scenario does not unfold this year.
February 5, 2020, 9:20 AM MST
TD Securities Inc. says that based on its recent review of 2020 Western Canadian Sedimentary Basin (WCSB) capital spending (excluding oilsands) for 17 Canadian E&Ps that have provided guidance, the firm expects capital spending to be down three per cent year-over-year.
January 21, 2020, 10:15 AM MST
Calfrac Well Services Ltd. intends to spend approximately $100.5 million in 2020, mostly towards maintenance capital expenditures.
January 14, 2020, 8:40 AM MST
Pressure pumping equipment with active crews appears to be fully booked through the first quarter of 2020, say TD Securities Inc. analysts.
January 13, 2020, 10 AM MST