Capital Spending

  • Crew Accelerates Projects Into Q4 2022; Outlines Preliminary 2023 Spending

    Crew Energy Inc.’s strong 2022 financial performance in achieving leverage targets provides the flexibility to expedite two projects that were originally planned for the first quarter of next year.

    November 4, 2022, 12 AM MDT

  • Enerplus Updates Spending Plan

    Enerplus Corporation’s capital spending guidance in 2022 has been updated to $430 million from the prior range of $400 to $440 million.

    November 4, 2022, 6:19 AM MDT

  • CEO: Tourmaline Has ‘Nice Hedge’ Against Inflation, Sees Production Rise In Q3

    With inflationary pressures hooked into many aspects of the energy industry, Tourmaline Oil Corp. possesses qualities and has deployed tactics to fend against it.

    November 3, 2022, 1:41 PM MDT

  • Paramount Outlines 2023 Spending Plan

    With its achievement of the net debt target, strong free cash flow profile and deep inventory of high return opportunities, Paramount Resources Ltd. is budgeting 2023 capital expenditures in a range of between $720 million and $760 million, $65 million higher at the midpoint than previous preliminary guidance.

    November 3, 2022, 5:56 AM MDT

  • Gear Outlines 2023 Capital Program

    Gear Energy Ltd.’s board has approved a 2023 capital budget of $61 million designed to target four key strategic goals.

    November 2, 2022, 3:26 PM MDT

  • Journey Lowers E&D Portion Of 2022 Capital Program

    Journey Energy Inc.’s 2022 capital program will see the company participating in 15 (12.6 net) wells in six different areas, versus the originally planned program of 17 (15 net) wells in seven areas.

    November 1, 2022, 12 AM MDT

  • Yangarra Bumps Up 2022 Spending

    Yangarra Resources Ltd. has bumped up its 2022 capital spending program by $5 million.

    November 1, 2022, 6:37 AM MDT

  • Crescent Point Bumps Up 2022 Spending, Outlines 2023 Capital Plans

    Crescent Point Energy Corp.’s 2022 development capital expenditures guidance has been increased to $950 million, from $875–$900 million previously.

    October 26, 2022, 2:09 PM MDT

  • Birchcliff Outlines Preliminary 2023 Spending; Hikes 2022 Capex

    Birchcliff Energy Ltd. is currently targeting F&D capital expenditures of $240 million to $270 million in 2023, which is expected to deliver annual average production of 81,000 to 83,000 boe/d, a five per cent increase over

    October 13, 2022, 2:58 PM MDT

  • 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

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