Capital Spending

  • Obsidian Plans To 'Moderate' 2023 Capital Expenditure Program

    Obsidian Energy Ltd. is planning $260–$270 million in capital expenditures for development and exploration/appraisal activities in 2023, plus an additional $26–$28 million in decommissioning expenditures that accelerates its asset retirement obligations.

    January 31, 2023, 8:20 AM MST

  • Hemisphere Outlines Capital Budget

    Hemisphere Energy Corporation's board of directors has approved a 2023 capital expenditure program of $14 million, which is planned to be entirely funded by its estimated 2023 adjusted funds flow (AFF) of $45 million, and is expected to grow annual production by 17 per cent.

    January 24, 2023, 9:26 AM MST

  • Birchcliff Plans 2023 Capital Budget Of $260–$280 Million

    Birchcliff Energy Ltd. approved a F&D capital budget of $260–$280 million for 2023, which is designed to deliver five per cent production growth over 2022 and generate free funds flow of $290–$310 million.

    January 18, 2023, 2:26 PM MST

  • Journey Defers E&D Program; Updates First-Half 2023 Guidance

    In light of the highly volatile commodity prices, coupled with the weighting of the remaining term debt payments to 2023, Journey Energy Inc. says it has adopted a prudent approach of deferring its exploration and development capital expenditures over the near term.

    January 18, 2023, 3:01 PM MST

  • InPlay Outlines Capital Plans For 2023

    InPlay Oil Corp. outlined a capital program of $75 – $80 million for 2023 which is forecasted to deliver annual average production of 9,500 – 10,500 boe/d (58 per cent – 61 per cent light oil and NGLs).

    January 18, 2023, 6:43 AM MST

  • Rubellite Capex On Track; Picks Up More Land At Figure Lake

    Rubellite Energy Inc.  is on track to achieve its combined Q4 2022 and Q1 2023 capital expenditure guidance of approximately $33.0 to $41.0 million to continue its two-rig drilling program through to the end of the first quarter of 2023.

    January 17, 2023, 12 AM MST

  • Tourmaline Raises 2023 Capex Outlook

    Tourmaline Oil Corp. reported a 2022 exit volume production of 528,000 boe/d.

    January 12, 2023, 3:31 PM MST

  • Paramount Reduces 2023 Capital Spending Range

    Paramount Resources Ltd. now expects to spend $650 to $700 million, down from the previous $720 to $760 million.

    January 11, 2023, 3:46 PM MST

  • Vermilion Continues To ‘See Positive Developments’ On The Blueberry River Negotiations Front

    Citing progress being made in negotiations between the Blueberry River First Nations and the government of British Columbia, Vermilion Energy Inc. says it will optimize 2023 capital allocation by deferring Alberta investment and focus on B.C. to enhance return on capital.

    January 6, 2023, 10:46 AM MST

  • Vermilion Outlines 2023 Spending Plan Of $570 Million

    Vermilion Energy Inc. announced a 2023 capital budget of $570 million, which reflects consistent investment levels in North America and increased capital allocation to continental European gas drilling.

    January 6, 2023, 5:41 AM MST

  • Vermilion Capex: International Plans

    Vermilion Energy Inc. plans to invest approximately $230 million across its international assets, representing an increase of seven per cent compared to 2022.

    January 6, 2023, 5:57 AM MST

  • Yangarra To Spend $125 million In 2023

    Yangarra Resources Ltd. has set a capital budget of $125 million for 2023, which includes the drilling of 33 wells which will keep one drilling rig fully utilized for the year.

    December 23, 2022, 12 AM MST

  • Imperial Sets 2023 Capital Budget

    Imperial Oil Limited’s 2023 capital spending is forecast at $1.7 billion and includes a planned ramp-up for the Strathcona Renewable Diesel project, application of solvent technologies at Cold Lake and ongoing investment on the in-pit tailings project at the Kearl oilsands facility.

    December 20, 2022, 12 AM MST

  • Tenaz Energy Acquires European Gas Assets

    Tenaz Energy Corp. has closed the acquisition of 100 per cent of the issued and outstanding shares of a private company with Netherlands upstream and midstream assets.

    December 20, 2022, 1:26 PM MST

  • Enerplus Closes Sale Of Remaining Canadian Assets To Surge Energy

    Enerplus Corporation has closed the previously announced sale of substantially all of its remaining Canadian assets to Surge Energy Inc. for total consideration of $245 million, prior to closing adjustments.

    December 20, 2022, 12 AM MST

  • Canadian E&P Execs Expect Capital Discipline To Remain Paramount, M&A To Tick Up: Raymond James Survey

    Capital discipline will remain a theme and a somewhat stingy merger and acquisition (M&A) market in Western Canada could open up slightly in the coming months, a recent survey of Canadian oil and gas executives found.

    December 16, 2022, 6:45 AM MST

  • Bonterra Lays Out 2023 Capital Plan

    Bonterra Energy Corp. laid out a fully-funded 2023 capital expenditures budget ranging between $120 to $125 million.

    December 16, 2022, 12 AM MST

  • Obsidian Rig Releases 14 Additional Wells

    Since the end of the third quarter, Obsidian Energy Ltd. rig released an additional 14.0 wells (13.4 net), including four Cardium wells (4.0 net) in Willesden Green, three Cardium wells (2.9 net) and one vertical Devonian well (0.5 net) in Pembina, and five Bluesky wells (5.0 net) and one Clearwater well (1.0 net) in Peace River.

    December 16, 2022, 6:59 AM MST

  • Kiwetinohk Outlines 2023 Spending Plan

    Kiwetinohk Energy Corp.’s planned capital expenditures for Upstream and Green Energy are between $378-$402 million.

    December 15, 2022, 12 AM MST

  • Pieridae Outlines Capital Spending Range For 2023

    Pieridae Energy Limited outlined a development capital spending range of $15 million to $20 million for 2023, and sustaining capital of $50 million to $55 million.

    December 15, 2022, 12 AM MST

  • Crew Outlines Capital Plans For 2023

    Crew Energy Inc. has set a net capital expenditures budget of $230-$250 million.

    December 9, 2022, 12 AM MST

  • Baytex Outlines 2023 Capital Budget Of $575–$650 Million

    Baytex Energy Corp. outlined a 2023 exploration and development expenditures budget of $575–$650 million, which is designed to generate average annual production of 86,000 to 89,000 boe/d.

    December 8, 2022, 12 AM MST

  • Athabasca Plans 2023 Capital Program Of $145 Million

    Athabasca Oil Corporation is planning 2023 capital expenditures of $145 million ($120 million Thermal Oil & $25 million Light Oil) with activity primarily focused on sustaining and growth projects at Leismer, a Montney pad in Placid and routine maintenance across the portfolio.

    December 8, 2022, 12 AM MST

  • Chevron Raises 2023 Project Spending Budget To $17B

    December 8, 2022, 12 AM MST

  • Exxon Plans To Raise Spending In 2023 Closer To $25 Billion

    December 8, 2022, 5:37 AM MST

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.