Capital Spending

  • Razor Shuts In Operated Heavy Oil Output

    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 Shuts In 1,500 Boe/d

    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 Shuts-In Uneconomic Production

    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

  • Enerplus Further Reduces Capital Budget

    Enerplus Corporation is further reducing its 2020 capital budget by an additional $25 million to $300 million.

    April 22, 2020, 5:10 AM MDT

  • Teck Lowers Capex For Energy Business

    As a result of reducing operations to a single-train facility at Fort Hills and to minimize negative cash flow, Teck Resources Limited has reduced its planned 2020 capital spending in the energy business unit to $85 million from $175 million.

    April 21, 2020, 9:06 AM MDT

  • Crescent Point Lowers Spending Plan Again

    Crescent Point Energy Corp.’s capital expenditures for 2020 are now forecast to be $650 to $700 million, or $75 million below its recently revised guidance of $700 to $800 million, based on the mid-point of the range.

    April 20, 2020, 5:58 AM MDT

  • Surmont Production To Be Voluntarily Curtailed, Further Montney Development Deferred, Says ConocoPhillips

    ConocoPhillips says it is cutting back production at its Surmont SAGD project in Canada due to low Western Canada Select prices and wide differentials and by May expects to reduce production by approximately 100,000 bbls/d of oil (gross) to 35,000 bbls/d.

    April 16, 2020, 11:37 AM MDT

  • Gear Pursues Variable Cost Reductions

    Gear Energy Ltd. has chosen to immediately pursue reductions to the variable costs of the business in an effort to maximize funds from operations. ​​​​​​​

    April 16, 2020, 8:51 AM MDT

  • Peyto Lowers Spending Outlook And Dividend

    Peyto Exploration & Development Corp. has lowered its capital program and dividend in response to the effects of the COVID-19 pandemic on near term hydrocarbon demand and commodity prices.

    April 15, 2020, 3:44 PM MDT

  • Surge Suspends Dividend; Capital Program Halted

    Surge Energy Inc. is suspending its dividend (approximately $33.5 million in annualized savings when combined with the previously announced March 9 dividend reduction) until such time as management and board see a sustainable recovery in world crude oil prices.

    April 15, 2020, 12 AM MDT

  • ‘Expect The Unexpected’: Panel Discusses Uncharted Energy Crisis

    Surviving and adapting to new challenges, crises and realities is nothing new for oil and gas companies operating in Canada.

    April 13, 2020, 7:44 AM MDT

  • Advantage Unloading 12.5% Interest In Glacier Gas Plant For $100 Million

    Advantage Oil & Gas Ltd. is selling a 12.5 per cent interest in the Glacier gas plant to a strategic partner for $100 million cash proceeds.

    April 13, 2020, 7:50 AM MDT

  • Kelt Awaiting For Clarity On Prices Before Drilling, Completing

    Kelt Exploration Ltd. has no immediate plans to start up drilling and completion operations on wells that currently remain in its budget until there is better clarity on future commodity prices which have been negatively impacted by global oil demand destruction as a result of the COVID-19 pandemic.

    April 9, 2020, 7:17 AM MDT

  • Petrus Outlines $500K Q2 Capital Program

    Petrus Resources Ltd.’s board of directors has approved a second quarter 2020 capital budget of $500,000, which provides for non-discretionary maintenance capital only. 

    April 9, 2020, 7:28 AM MDT

  • Birchcliff CEO Says Completing Its Drilling Program A ‘Good Investment’

    While many oil and gas producers have halted their drilling programs with the collapse in oil prices, two natural gas weighted companies, Birchcliff Energy Ltd. and Peyto Exploration & Development Corp., are still in the field, an energy symposium heard Tuesday.

    April 8, 2020, 12 AM MDT

  • Exxon Chops Spending By 30%

    April 7, 2020, 8:20 AM MDT

  • Qatar Petroleum: Coronavirus Turmoil Will Not Stop LNG Expansion Abroad

    April 7, 2020, 8:06 AM MDT

  • Cenovus Lowers Spending Outlook Further

    Cenovus Energy Inc. has decided to reduce its planned 2020 capital spending by an additional $150 million which, combined with the $450 million reduction announced March 9, is a $600 million decrease from the budget released in December.

    April 2, 2020, 4:12 AM MDT

  • TransGlobe Rig Releases Cardium Well; Implements Cost Cuts

    TransGlobe Energy Corporation has rig released a two-mile Cardium development well.

    April 2, 2020, 12 AM MDT

  • Athabasca Suspends Hangingstone SAGD Operation

    Due to the significant decline in oil prices combined with the economic uncertainty associated to the ongoing COVID crisis, Athabasca Oil Corporation has decided to suspend the Hangingstone SAGD operation.

    April 2, 2020, 4:23 PM MDT

  • Yangarra Implements COVID Plan, Capex Halted

    As a result of the COVID-19 pandemic, Yangarra Resources Ltd.’s  Calgary office has been reduced to two people with the remainder of the team working remotely to ensure the business continues to function and employees stay safe.

    April 1, 2020, 5:17 PM MDT

  • Petrus Disposition Of Foothills Assets ‘Terminated’

    Petrus Resources Ltd.’s planned disposition of its oil and natural gas interests in the Foothills area has been canceled by the buyer.

    April 1, 2020, 7:22 AM MDT

  • Additional Cost Saving Measures For Murphy

    Murphy Oil Corporation has made an additional reduction in the 2020 capital plan down to the new midpoint of $780 million from the previously announced $950 million in March 2020.

    April 1, 2020, 5:21 PM MDT

  • DOB Guidance Update: Smaller Canadian E&Ps Taking A Hatchet To Capex Budgets

    Latest guidance data from Evaluate Energy suggests that COVID-19 and the price crash are going to have a huge impact on development and growth plans for junior and smaller intermediate producers, with capital budgets being slashed across the market.

    March 31, 2020, 11:17 AM MDT

  • Imperial Lowers Spending Outlook By $1B

    Imperial Oil Limited lowered its 2020 spending plan to $1.1 billion to $1.2 billion, a $500 million reduction from original guidance of $1.6 billion to $1.7 billion.

    March 31, 2020, 6:53 AM MDT

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