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