MEG Energy Corp. is cutting $50 million from its 2020 capital spending. The total will drop from $250 million to $200 million and it has also reduced its production guidance slightly from 95,500 barrels per day to 94,000 barrels per day.
Alberta-based Seven Generations Ltd. has cut $200 million or 18% from its 2020 capital spending and that will reduce 2020 production by about 15,000 barrels oil equivalent per day. Its capital budget is being reduced from $1.1 billion to $900 million.
Beachcliff Energy with headquarters in Calgary, Alberta, is cutting its 2020 capital spending by $65 million to be reduced from $340 million to $360 million to between $275 million and $295 million. The company will defer drilling 10 wells in the Gordondale area of Alberta until crude oil prices improve. It expects to drill 28 wells instead of 38 wells in 2020 and begin production on 34 wells instead of 44 wells and its expected 2020 production dipped slightly to 79,000 barrels of oil equivalent per day.
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