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By Kevin Orland
(Bloomberg) Canadian energy companies are slashing their spending plans for this year as low oil prices make most production unprofitable, straining their cash flow.Here is a summary of how companies are responding to the slump:
Company |
Response |
|---|---|
Husky Energy |
Cutting spending plan by C$1 billion ($720 million) and reducing production forecast by about 5% |
Cenovus Energy |
Reducing spending 32% to a range of C$900 million to C$1 billion and lowering production outlook by about 5% |
MEG Energy |
Slashing capital spending by 20% to C$200 million |
ARC Resources |
Lowering capital budget 40% to as much as C$300 million and cutting monthly dividend 60% to 2 cents a share. After March, company will switch to a quarterly dividend of 6 cents |
Seven Generations |
Trimming capital budget 18% to C$900 million and reducing production forecast 7.4%, to 185,000 to 190,000 boe/d |
Birchcliff Energy |
Reducing 2020 capital spending plan by 19% to a range of C$275 million to C$295 million |
Surge Energy |
Deferring some capital spending from the first quarter into the second half of the year and cutting dividend to 1 cent a share per year, from 10 cents |
Pipestone Energy |
Cutting capital spending 60% to a range of C$55 million to C$65 million. |
Gran Tierra |
Lowering capital budget 67% to range of C$60 million to C$80 million. |
Bonterra Energy |
Suspending monthly dividend, starting in April. Setting capital budget of C$25 million, a 53% from last year. |
Gear Energy |
Reducing capital spending 74% to C$13 million |
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