Capital Spending

  • 2024 Capex Trends: Updates On Supply/Demand Fundamentals

    In the U.S., natural gas producers expect a major demand boost for the remainder of the decade they hope will return prices to more sustainable levels and allow them to boost production.

    March 28, 2024, 6 AM MDT

  • Strathcona Defers Some Natgas Completions Due To Weak Prices

    Strathcona Resources Inc.’s anticipated 2024 capital budget of $1.3 billion continues to progress as planned though the company has deferred some activity due to weak natural gas prices.

    March 27, 2024, 10:54 AM MDT

  • Petrus Boosts Output

    Petrus Resources Ltd.’s total average annual production increased by 35 per cent to 10,301 boe/d in 2023, compared to 7,604 boe/d in 2022, in line with 2023 production guidance.

    March 27, 2024, 6:01 AM MDT

  • Rubellite’s Capital Program For 2024 Focused On Figure Lake

    Rubellite Energy Inc. expects exploration and development capital spending to be approximately $12 - $13 million in the first quarter of 2024.

    March 15, 2024, 12 AM MDT

  • Peyto Not Planning Cuts To 2024 Capital Budget: CEO

    With approximately 70 per cent of its production hedged at almost $4/mcf and some of the lowest costs in the industry, Peyto Exploration & Development Corp. has no current plans to cut its 2024 capital spending like other gas focused operators.

    March 12, 2024, 12 AM MDT

  • Headwater Boosts Capital Spending Budget

    As a result of Headwater Exploration Inc.’s success in accumulating incremental lands year to date in 2024, the board of directors has approved an expansion of the company's 2024 capital budget from $180 million to $200 million.

    March 8, 2024, 12 AM MST

  • Surge Continues To Be Active Drilling Sparky, SE Saskatchewan

    In the first half of 2024, Surge Energy Inc. continues to execute an active drilling program in both the Sparky and SE Saskatchewan core areas, with 29.7 net wells budgeted to be drilled.

    March 7, 2024, 5:23 AM MST

  • Coelacanth Outlines Capital Budget, Focused On Two Rivers

    Coelacanth Energy Inc. outlined a capital budget of up to $128 million to be invested in 2024 and Q1 2025.

    March 7, 2024, 12 AM MST

  • Yangarra Continues To Drive Down Drilling Times, Costs

    Yangarra Resources Ltd. continues to refine its drilling approach resulting in a dramatic reduction in drilling times and drilling costs.

    March 7, 2024, 5:12 AM MST

  • Paramount Shuts In Dry Gas Production Due To Low Prices

    Paramount Resources Ltd. has shut-in dry gas production due to lower natural gas prices.

    March 6, 2024, 7:29 AM MST

  • Tourmaline Cutting 2024 Capex Due To Low Gas Prices

    Tourmaline Oil Corp. is cutting forecast capital spending from $2.35 billion to $2.13 billion in 2024 due to current low natural gas prices, the company said in its year-end 2023 earnings report.

    March 6, 2024, 3:31 PM MST

  • Pine Cliff Lays Out Spending Plan, Increases AECO Hedge Position

    Pine Cliff Energy Ltd. 's board of directors has approved a 2024 capital expenditure budget of $17.5 million, including $7.0 million of abandonment and reclamation spending.

    March 5, 2024, 5:08 AM MST

  • Advantage Energy Reduces 2024 Capital Budget Outlook

    Advantage Energy Ltd. has announced it is reducing its capital spending for 2024 by $40 million at the midpoint without changing its production guidance for the year or, president and CEO Michael Belenkie added, compromising the company’s long-term adjusted funds flow [AFF] per share.

    March 5, 2024, 11:03 AM MST

  • MEG Averaged More Than 100,000 Bbls/d-Plus For The First Time In 2023

    MEG Energy Corp. reached a milestone in 2023 as average production grew by six per cent, averaging over 100,000 bbls/d for the first time and exiting the year at approximately 110,000 bbls/d.

    March 1, 2024, 9:03 AM MST

  • Tamarack Updates 2024 Capital Guidance

    Tamarack Valley Energy Ltd. has pulled back expectations around its capital spend this year.

    March 1, 2024, 5 AM MST

  • Spartan Delta Lowers Capex

    Spartan Delta Corp. is reducing its 2024 forecast operating costs by nine per cent to $6.07/boe and reducing its capital expenditures, before A&D, by $5 million to $125 million, exclusive of Duvernay activity, while production guidance remains unchanged at 38,500 – 40,500 boe/d.

    February 27, 2024, 12 AM MST

  • Kelt Lowers Capital Spending Outlook

    In response to lower forecasted natural gas prices, Kelt Exploration Ltd. has reduced its 2024 capital expenditure program to $325.0 million, down seven per cent from its previous budget of $350.0 million.

    February 22, 2024, 5:56 AM MST

  • Gear Maintains 2024 Spending Plan At $57-Million

    Gear Energy Ltd. maintained its 2024 capital and abandonment expenditures at $57 million

    February 22, 2024, 6 AM MST

  • Petrus Resources Maps Out 2024 Budget Plan

    Petrus Resources Ltd. plans 2024 capital spending of $40 million to $50 million, of which approximately 90 per cent will be allocated toward drilling new wells in its Ferrier and North Ferrier areas.

    February 22, 2024, 12 AM MST

  • Whitecap Lowers Capital Spending Outlook After Viking Acquisition

    Whitecap Resources Inc.’s 2024 capital budget is now expected to be $900 million to $1.1 billion, which is about $100 million lower than originally budgeted, to partially offset the cost of a Viking acquisition the company closed in the fourth quarter.

    February 21, 2024, 3:33 PM MST

  • Peyto’s Reserves Climb On Drilling Program, Repsol Acqusition

    Peyto Exploration & Development Corp. delivered strong reserves growth across all categories in 2023 from its successful drilling program and the strategic acquisition of Repsol Canada Energy Partnership.

    February 16, 2024, 6:28 AM MST

  • Birchcliff Delaying Drilling Some Wells Until Later Half Of Year

    Birchcliff Energy Ltd.’s F&D capital expenditures were $304.6 million in 2023, including $58.2 million in the fourth quarter.

    February 15, 2024, 6:40 AM MST

  • Greenfire Sets Capital Spending At  $70-$90 Million

    Greenfire Resources Ltd. is forecasting 2024 average consolidated net production of 22,000 - 25,000 bbls/d, which assumes capital expenditures of between $70 and $90 million, reflecting annual production growth of 25 per cent to 40 per cent over consolidated net production in 2023, which averaged approximately 17,700 bbls/d.

    February 9, 2024, 12 AM MST

  • Crew Lays Out Capital Plans Of $165 To $185 Million.

    Crew Energy Inc.’s approved 2024 budget includes net capital expenditures of $165 to $185 million and incorporates a conservative drilling and completions program as well as $60 to $70 million in strategic electrification and infrastructure expansion projects.

    February 9, 2024, 6 AM MST

  • Advantage Energy Reducing Capital Spending

    With commodities prices currently testing bottom-decile levels due to North American supply growth and an exceptionally warm winter, Advantage Energy Ltd. is pursuing meaningful reductions to its capital program. 

    February 7, 2024, 12 AM MST

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