- Budget in millions
Account Name | Comments | New Budget | Original Budget | Reduction |
Suncor Energy Inc. | reduce the 2020 capital expenditure range to $3.6 billion to $4.0 billion, representing a further capital reduction of $400 million at mid‑point compared to the previous guidance. Combined with the March 23, 2020 guidance updates, capital guidance has been reduced by $1.9 billion or approximately 33% compared to the original 2020 plan, and operating costs across the business by $1 billion or approximately 10% compared to 2019 levels. | 3600 | 5000 | 33% |
Canadian Natural Resources Limited | Canadian Natural now expects capital spending to total $2.68 billion this year, down from its original budget of $4.05 billion. | 2068 | 4000 | 50% |
Imperial Oil | Imperial announced significant reductions in 2020 capital and operating expense spending plans. Capital and exploration expenditures for 2020 are now expected to be $1.1 billion to $1.2 billion, compared to the previously announced $1.6 billion to $1.7 billion. In addition, Imperial has identified opportunities to reduce 2020 operating expenses by $500 million compared to 2019 levels. Kearl’s planned turnaround begin in early May and will continue until late June, and is expected to reduce Kearl’s total gross production to average approximately 150,000 barrels per day for the second quarter of 2020. | 1001 | 1700 | 40% |
OVINTIV CANADA ULC | Ovintiv Second quarter capital investments are expected to be $250 to $300 million, a $500 million reduction (60%) compared to original plans. By mid-May, the Company will have dropped two-thirds of its operated rig fleet and expects to run seven rigs (three Permian, two Anadarko, two Montney) and no frac spreads. | 1000 | ||
Tourmaline Oil Corp | Tourmaline has reduced its 2020 EP capital expenditure budget from the originally-planned $925 million to a maintenance capital level of $800 million. | 800 | 900 | |
Crescent Point Energy Corp. | Crescent Point’s capital expenditures for 2020 are now forecast to be approximately $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. Crescent Point is voluntarily shutting-in approximately 25,000 boe/d of its current production, of which approximately 70 percent is oil. This production is primarily located outside of the Company’s key focus areas and carries costs above the corporate average. | 650 | ||
Seven Generations Energy Ltd. | 7G has further reduced its capital budget to $650 million, a $250 million or 28% reduction, from the revised budget previously announced on March 10, 2020. Current 2020 capital investments represent a $450 million or 41% reduction from its original 2020 budget released in November 2019. | 650 | 1000 | 41% |
Vermilion Energy Inc | Our revised capital budget of $350 to $370 million is expected to deliver 2020 annual production of 94,000 boe/d to 98,000 boe/d, reflecting both a reduced capital slate and allowance for potential disruptions to our operations due to COVID-19. Thus far, we have had no operational or supply chain impacts from COVID-19. | 340 | 440 | |
ARC Resources Ltd | ARC’s 2020 planned capital investments totaling up to $300 million focus on balance sheet strength and investing in profitable projects through capital discipline and efficient execution. | 300 | ||
Baytex Energy Corp. | Baytex 50% reduction in our capital spending for this year to $260 to $290 million, from $500 to $575 million. With this revised capital program, we have suspended drilling and completion operations in Canada | 260 | 575 | 50% |
Peyto Exploration and Development Corp. | Peyto revised 2020 capital program of $200 to $250 million | 200 | ||
Whitecap Resources Inc. | Whitecap announced a further reduction of $20 million in its capital spending budget this year, dropping it to $190 million compared with the original $360 million. We believe that mergers and acquisitions in the industry will occur and are necessary for a meaningful recovery in the sector. Whitecap is well positioned with our sustainable income and growth strategy to not only survive but to continue to look for opportunities internally and through industry consolidation to provide enhanced shareholder returns. | 190 | 360 | 50% |
Paramount Resources Ltd. | Paramount has revised its 2020 capital guidance to $165 million. This revised guidance reflects expected cost reductions at planned activity levels generally unchanged from the low end of previous capital guidance of $185 million. Company is continuing upgrades to replace its remaining high-bleed controllers at various sites with modern low-bleed units. 196 low-bleed units are expected to be installed in the Grande Prairie Region in the second quarter of 2020. | 165 | ||
NuVista Energy Ltd. | Capital spending for 2020 is therefore expected to be in the range of $165 – $175 million; a reduction of almost 50% from the original full year budget and a reduction of approximately 75% for the remaining three quarters of 2020. Capital spending for the second through fourth quarters of 2020 is expected to be in the range of $35 – $45 million. | 165 | 300 | 50% |
MEG Energy Corp. | MEG capital spending to total $150 million, down from an estimate of $200 million in March and $250 million in its original guidance released late last year. | 150 | 250 | 45% |
Advantage Oil and Gas Ltd. | Advantage Oil pdated 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. | 130 | ||
Tamarack Valley Energy Ltd | Tamarack acted decisively and reduced our 2020 capital program to approximately $95 to $105 million from the previous $170 to $180 million (representing a reduction of approximately 46%). Tamarack has elected to shut in approximately 1,350 boe/d of production based on a multi-pronged evaluation approach | 95 | 170 | 50% |
Athabasca Oil Sands Corp | Athabasca’s 2020 capital program is $85 million ($15 million H2 2020), with $40 million cancelled from the original budget. | 85 | 130 | 50% |
TORC Oil & Gas Ltd | TORC has elected to significantly reduce 2020 capital spending to $75 million from the original budget of $190 million, in order to maintain financial flexibility. | 75 | 190 | 65% |
Painted Pony Petroleum Ltd | Painted Pony continues to forecast total first half 2020 capital spending of between $25 and $30 million. Painted Pony’s Board of Directors and management have planned a mid-year review to determine appropriate second-half spending. | 50 | ||
Cardinal Energy Ltd | Cardinal reduced our 2020 annual capital budget by 54% to $31 million of which $22 million was spent in the first quarter Submitted over 1,000 applications for projects eligible to access Phase 1 funding associated with the recently announced Alberta Site Rehabilitation program. | 31 | 54% | |
Journey Energy Inc | Journey has shut in higher operating cost production and has also implemented a number of cost-cutting measures Company anticipates spending approximately $4 million for the first half of 2020 of which $3.2 million was spent in the first quarter. | 8 | ||
Petrus Resources Ltd | Petrus’ Board of Directors approved a second quarter 2020 capital budget of $0.5 million, which allows for non-discretionary maintenance capital only. No drilling activity is currently planned for the second or third quarters of 2020 | 2 | ||
Altura Energy Inc. | Altura halted all capital expenditures and will leave one well drilled but uncompleted that is on an existing pad and can be completed and brought on production at any time. | 0 | ||
Bonterra Energy Corp. | Bonterra expects its 2020 capital program to remain suspended until such a time when commodity prices are more supportive, and as such, has withdrawn previously communicated guidance for 2020. In the second quarter and latter half of 2020, the Company will assess existing production to determine whether further shut-ins may be required, or to facilitate a rapid ramp-up of volumes should pricing be supportive. | 0 | ||
HIGHWOOD OIL COMPANY LTD. | Highwood has chosen to cease all non-discretionary capital activity for the balance of 2020 until realized pricing in Western Canada rebounds from these historic lows. Highwood’s main goal in these times will be to protect its balance sheet. | 0 | ||
Obsidian Energy | Obsidian Energy if the current oil price environment continues, we anticipate no development capital spending for the balance of 2020. | 0 | ||
Pipestone Energy | Pipestone Energy has halted its 2020 capital spending program and is now also suspending forward 2020 production guidance. Production in 2020 will be prudently managed to maximize cash flow, satisfy take-or-pay commitments, and reserve as much condensate production for future realization in what is expected to be an improved pricing environment. | 0 | ||
Gear Energy Ltd | Gear 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. Protection of the corporate balance sheet remains the top priority. All capital investments were halted in early March 2020 | 0 | ||
Birchcliff Energy Ltd. | Birchcliff Energy Ltd. announced the deferral of $65 million of capital spending in 2020, which represented approximately 19% of our original capital budget. Birchcliff processed approximately 69% of its total corporate natural gas production and 59% of its total corporate production through the Pouce Coupe Gas Plant 2020 Capital Program contemplates the drilling of a total of 28 (28.0 net) wells and the bringing on production of a total of 34 (34.0 net) wells in 2020. | 300 | 365 | 20% |
Bonavista Energy Corporation | Bonavista Deep Basin core area in 2020 intend to allocate approximately 35% of our E&D budget plan to drill two (2.0 net) Notikewin wells. West Central core area, we intend to drill four gross (4.0 net) Glauconite wells. Capital spending down by $26 million (21%) and we have deferred six gross (5.3 net) development wells to next year as we honor our long-standing commitment to spend within our adjusted funds flow. | 75 | 100 | 21% |
Cenovus Energy Inc. | Cenovus has decided to reduce its planned 2020 capital spending by an additional $150 million which, combined with the $450 million reduction announced March 9, 2020, is a $600 million decrease from the budget released in December. | 900 | 1300 | 32% |
Cequence Energy Ltd. | Cequence Energy Ltd. – Natural gas prices remained below thresholds where investment in natural gas wells was economically beneficial. AECO prices averaged $2.03/mcf for the three months ended March 31, 2020 compared to $2.62/mcf for the same prior year period. | 0 | ||
Crew Energy Inc. | Crew’s annual capital budget range has been reduced to $35 to $40 million with Q2/20 capital spending projected to be $6 to $8 million. | 35 | ||
Enerplus Corporation | Enerplus has reduced its 2020 capital budget by approximately 45% from its original plan. | 300 | 500 | 45% |
Husky Energy | Husky planned capital spending by half, safely shut in production and reduce refinery throughput to avoid cash-negative margins, with a view that global oil and refined product prices could remain under pressure for a while | 1700 | 3400 | 50% |
International Petroleum Corp. | IPC currently forecast positive cash flows from our gas production in Canada. | 0 | ||
Kelt Exploration Ltd | Kelt announced that it had reduced its 2020 capital expenditure budget by $80.0 million or 36%. In this regard, the Company currently has no immediate plans to start up drilling and completion operations on wells that currently remain in the budget. | 25 | 50 | 36% |
Leucrotta Exploration Inc | Leucrotta maintained positive net working capital at end of Q4 2019 but is estimated to have approximately $5.0 million of debt at the end of Q1 2020. Capital spending will be limited on a go-forward basis until there is more clarity on commodity prices. Leucrotta will look to reduce debt through cash flow and sale of non-core properties and equipment. | 0 | ||
Yangarra Resources Ltd. | Yangarra did not nominate any sweet oil sales for May due to very high sweet oil differentials. Field inventory is currently low, and the company expects to utilize this storage until spot oil prices are at a more reasonable level. In addition, 30 low volume wells have been shut in as that production will continue to accumulate downhole for up to four months. Current production is approximately 11,000 boe/d. | 0 |