Canadian oil producer Crescent Point Energy Corp. (NYSE: CPG) on Jan. 15 cut its 2019 capital budget by 30% compared to last year, blaming the recent decline in oil prices.
Brent crude has fallen by more than 30% since reaching a four-year high of $86.74 per barrel in October last year, partly due to concerns over slowing global demand for the fossil fuel.
The company sees its 2019 capex in the range of C$1.2 billion (US$904.70 million) to C$1.3 billion.
Its budget forecast for 2018 was C$1.78 billion. But it would be C$35 million below the original forecast, the company said Jan. 15.
The Calgary, Alberta-based company expects 2019 production to fall as it sold some of its assets in 2018.
Crescent Point expects its output to be in the range of 170,000 to 174,000 barrels of oil equivalent per day (boe/d) in 2019, well under last year's forecast of 177,000 boe/d. (US$1 = C$1.3264)
Recommended Reading
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
No Silver Bullet: Chevron, Shell on Lower-carbon Risks, Collaboration
2024-04-26 - Helping to scale lower-carbon technologies, while meeting today’s energy needs and bringing profits, comes with risks. Policy and collaboration can help, Chevron and Shell executives say.
Canadian Railway Companies Brace for Strike
2024-04-25 - A service disruption caused by a strike in May could delay freight deliveries of petrochemicals.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.