Birchcliff Energy cutting spending
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CALGARY – Players in Canada’s oilpatch are continuing to cut capital spending plans in the wake of this week’s sharp plunge in oil prices.
After markets closed Wednesday, Birchcliff Energy Ltd. said it would defer about $65 million or 19 per cent of its previously announced capital budget, dropping it to about $285 million.
The decision means it will postpone 10 oil wells that were to be drilled and brought on production in Alberta this year, resulting in average output of about 79,000 barrels of oil equivalent per day, down from the previous target of 81,000 boe/d.
Oilsands major Cenovus Energy Inc. had earlier trimmed its capital spending plan for 2020 to between $900 million and $1 billion, down about 32 per cent from earlier plans.
