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
During this period of weak prices, ARC Resources Ltd. will reduce operational output at its light oil and condensate-weighted properties.
May 7, 2020, 6:13 AM MDT
As a result of the current weakness and uncertainty in the price of oil, starting in April Gear Energy Ltd. chose to shut-in the majority of its production and immediately pursue reductions to the variable costs of the business in an effort to maximize funds from operations.
May 7, 2020, 1:53 PM MDT
Kelt Exploration Ltd. says it is taking measures to reduce production levels to protect against selling oil at negative margins and to preserve value.
May 7, 2020, 6:45 AM MDT
In response to the current shift in commodity prices, Advantage Oil & Gas Ltd. has lowered 2020 capital guidance to between $130 million and $145 million, with plans to moderate liquids growth and focus spending on the highest rate-of-return investments at Glacier.
May 7, 2020, 7:09 AM MDT
To preserve the financial health and resiliency of the company and navigate the current business environment dominated by COVID-19 demand destruction, Suncor Energy Inc. has slashed an additional $400 million from its 2020 spending plans and cut its dividend by 55 per cent.
May 6, 2020, 10:23 AM MDT
Crescent Point Energy Corp. says the company’s first quarter capital expenditures represent close to half of its revised annual budget of $650–$700 million.
May 6, 2020, 11:22 AM MDT
Tourmaline Oil Corp. reduced full-year 2020 EP capital budget from the originally-planned $925 million to a maintenance capital budget of $800 million with approximately $400 million available for the second half of 2020, facilitating a forecast 2020 exit rate of 315,000 – 320,000 boe/d.
May 6, 2020, 3:44 PM MDT
NuVista Energy Ltd.’s capital spending for 2020 is expected to be in the range of $165–$175 million, a reduction of almost 50 per cent from the original full-year budget and a reduction of approximately 75 per cent for the remaining three quarters of 2020.
May 6, 2020, 7:34 AM MDT
TORC Oil & Gas Ltd. is reducing its 2020 capital spending to $75 million from the original budget of $190 million in order to maintain financial flexibility.
May 6, 2020, 12 AM MDT
Despite its strong financial liquidity driven by its estimated $525 million full, year 2020 hedge book, MEG Energy Corp. is further reducing its 2020 full year capital budget by an additional $50 million to $150 million from the previously revised level of $200 million.
May 5, 2020, 9:17 AM MDT
Perpetual Energy Inc.’s capital spending in the first quarter of 2020 of $5.2 million was primarily directed to the four-well (4.0 net) heavy oil drilling program targeting the Clearwater formation in the Ukalta area of eastern Alberta.
May 5, 2020, 7:46 AM MDT
May 4, 2020, 8:52 AM MDT
May 1, 2020, 10:49 AM MDT
May 1, 2020, 10:56 AM MDT
May 1, 2020, 10:43 AM MDT
Whitecap Resources Inc. expects that one million to 1.5 million bbls/d of Canadian production will be suspended, Grant Fagerheim, president and chief executive officer, said in a conference call to discuss first quarter 2020 results.
April 30, 2020, 6 PM MDT
Vermilion Energy Inc. says it has had only “moderate impacts” on its operations due to COVID-19, with those effects stemming solely from reduced availability of third party services in France.
April 29, 2020, 3:34 PM MDT
Athabasca Oil Corporation says it is taking further actions in response to the decline in global oil prices to bolster balance sheet strength and corporate resiliency.
April 29, 2020, 6:54 AM MDT
Leucrotta Exploration Inc.’s capital spending will be limited on a go-forward basis until there is more clarity on commodity prices.
April 29, 2020, 4:09 AM MDT
In response to the decrease in oil prices, Razor Energy Corp. has shut in all of its operated heavy oil production, along with certain light oil wells which are sub-economic at current prices.
April 29, 2020, 12 AM MDT
Journey Energy Inc. has shut-in approximately 1,500 boe/d (73 per cent oil and NGL) of its production effective the first week of April.
April 27, 2020, 7:46 PM MDT
Obsidian Energy Ltd. has taken further proactive action to shut-in currently uneconomic production with a focus on preserving its balance sheet and improving financial flexibility.
April 23, 2020, 6:42 AM MDT