By Canadian Press

MORE OILPATCH CUTS

Birchcliff Energy latest company to cut capital spending

Mar 12, 2020 | 7:23 AM

CALGARY- Players in the oilpatch are continuing to cut capital spending plans in the wake of this week’s sharp plunge in oil prices.

After the markets closed yesterday, Birchcliff Energy said it would defer about $65 million or 19% 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.

Other companies that have cut budgets include Seven Generations Energy and MEG Energy.

Oilsands giant Cenovus Energy earlier trimmed its capital spending plan for 2020 to between $900 million and $1 billion, down about 32% from earlier plans.

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(The Canadian Press)