Integrated oil companies that sharply reduced their capital budgets in response to the COVID-19 pandemic say they will continue to focus on their balance sheets for the rest of this year although some say spending could rise next year.
July 8, 2020, 7:08 AM MDT
Tourmaline Oil Corp.’s president and CEO made it very clear on Tuesday during a webcast conference that natural gas holds out much more hope for his company in the near future than crude, a point echoed by other executives at the event.
July 8, 2020, 12 AM MDT
July 8, 2020, 8:09 AM MDT
Spring breakup conditions were unusually wet in the Edson area due to the above average winter snowfall and colder temperatures that drove frost deeper into the ground.
June 30, 2020, 7:01 AM MDT
Following a complete production shut-in during the month of May, Altura Energy Inc. has returned production volumes in June to approximately 550 boe/d.
June 30, 2020, 6:04 AM MDT
Consistent with TransGlobe Energy Corporation’s revised 2020 budget, there has been no drilling or completion activity during Q2 2020.
June 29, 2020, 10:33 AM MDT
Baytex Energy Corp. says it has restarted some of its previously shut-in crude oil production.
June 26, 2020, 12 AM MDT
Obsidian Energy Ltd. has it anticipates that as of July 1, 2020 it will have returned approximately 3,300 boe/d or 88 per cent of its previously announced shut-in volumes with July 2020 production expected to average 26,100 boe/d (65 per cent oil and NGL).
June 23, 2020, 10:44 AM MDT
June 12, 2020, 12 AM MDT
Highwood Oil Company Ltd. says it continues to work through the impact of the Alberta Energy Regulator’s (AER) decision to reject license transfers associated with the Red Earth divestiture.
June 2, 2020, 8:27 AM MDT
May 28, 2020, 8:15 AM MDT
Although Birchcliff Energy Ltd. slashed its 2020 capital budget by 19 per cent in March, the natural gas-weighted producer has no plans to enact further cuts as it looks to set itself up to take advantage of better industry conditions it believes will transpire later this year and into 2021.
May 27, 2020, 12 AM MDT
While capital expenditure cuts by Canadian natural gas-weighted entities have been less severe than crude-weighted producers, seven out of eight companies whose production is 70 per cent or more gas have pulled back spending since the COVID-19 crisis took hold, according to data compiled by Evaluate Energy.
May 26, 2020, 7:06 AM MDT
Pipestone Energy Corp. has halted its 2020 capital spending program and production guidance in response to the current commodity price weakness.
May 21, 2020, 12 AM MDT
Bonterra Energy Corp. expects its 2020 capital program to remain suspended until commodity prices improve.
May 15, 2020, 10:14 AM MDT
Bonavista Energy Corporation plans to maintain production between 61,000 and 64,000 boe/d with lower E&D spending of between $85 million and $95 million, which is within forecasted adjusted funds flow for the year.
May 14, 2020, 7:25 AM MDT
May 14, 2020, 8:18 AM MDT
Peyto Exploration & Development Corp. says preparation for and reaction to the sweeping global pandemic dominated the first quarter of 2020 and forced the company to reduce spending and alter its drilling plans.
May 13, 2020, 11:16 AM MDT
Storm Resources Ltd.’s capital investment is intended to be approximately equal to or less than forecast funds flow and is being reduced $25 million by deferring activity at Fireweed for up to one year (first production in the second half of 2021 or in early 2022).
May 13, 2020, 7:39 AM MDT
Tamarack Valley Energy Ltd. says it is taking “bold and proactive” steps designed to preserve and protect shareholder value. These steps include shutting in production and lowering capital guidance.
May 13, 2020, 12 AM MDT
Paramount Resources Ltd. has lowered its capital spending plan for 2020 to $165 million from the previous range of $185 million to $250 million.
May 13, 2020, 10:38 AM MDT
Ovintiv Inc. continues to manage operations through capital expenditure reduction, cost efficiencies, shutting-in production and protecting its balance sheet and is well positioned to hit the ground running once the COVID-19 induced market chaos begins to subside, says CEO Doug Suttles.
May 8, 2020, 11:26 AM MDT
Canadian Natural Resources Limited is cutting an additional $280 million from its 2020 capital budget but unlike many of its peers in Canada and the United States the company has opted to maintain its dividend at current levels.
May 7, 2020, 11:14 AM MDT
Murphy Oil Corporation has further ramped down capital spending for the third time this year, now to half its original US$1.45-billion guidance, as the COVID-19 pandemic continues to take a heavy toll on the industry.
May 7, 2020, 11:01 AM MDT
Seven Generations Energy Ltd. plans to refocus its 2020 development drilling program towards the company’s gas-weighted assets, given the weakness in liquids pricing and the relative strength in natural gas forward pricing.
May 7, 2020, 10:48 AM MDT