Capital Spending

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • Headwater Adding Fourth Rig In Coming Weeks; Continues Working Clearwater

    Headwater Exploration Inc. currently has three drilling rigs active and will be adding a fourth drilling rig in the coming weeks.

    August 5, 2022, 12 AM MDT

  • Canadian Natural Increases Spending, Production Guidance

    Canadian Natural Resources Limited has increased its 2022 capital budget to $4.92 billion from $4.35 billion as the company looks to “capture additional value by accelerating strategic growth opportunities” within its large and diverse asset base and to account for inflationary pressures.

    August 4, 2022, 2:05 PM MDT

  • CNRL’s Q2 Output Up 6% Year-Over-Year As Natgas Production Hits Record Levels

    Backstopped by strong operational performance, an active drilling program and record natural gas output, Canadian Natural Resources Limited boosted Q2 output six per cent from the second quarter of 2021.

    August 4, 2022, 10:45 AM MDT

  • ConocoPhillips’s Canadian Q2 Earnings Climb

    ConocoPhillips’s Canadian unit reported higher earnings for the April-June quarter of 2022.

    August 4, 2022, 9:03 AM MDT

  • Kelt Production Surges For Q2

    Kelt Exploration Ltd.'s average production for the three months ended June 30, 2022 was 27,713 boe/d, up 41 per cent from average production of 19,592 boe during the corresponding period in 2021 and up one per cent from average production of 27,413 boe during the first quarter of 2022.

    August 4, 2022, 5:24 AM MDT

  • ARC Sets Record In Free Funds Flow, Ups Capital Guidance

    In the second quarter of 2022, financial success at ARC Resources Ltd. reached a new level.

    August 3, 2022, 12 AM MDT

  • Perpetual Bumps Up Capex

    Perpetual Energy Inc. forecasts exploration and development capital expenditures of $29 – $32 million for full year 2022, up slightly from previous guidance of $28 to $30 million released on May 4, 2022, to be fully funded from adjusted funds flow.

    August 3, 2022, 3:28 PM MDT

  • Pine Cliff Lifts Capex Outlook

    Pine Cliff Energy Ltd.’s board of directors has approved an increase in the 2022 capital expenditure budget from $25.5 million to $29.5 million.

    August 3, 2022, 3:59 PM MDT

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