Capital spending in Alberta’s oilpatch continues to decline
While still significant at $16.6 billion, this year’s spending will be 30 per cent (-$7.1 billion) below the amount spent in 2019 and 58 per cent (-$228 billion) below the 10-year average
While still significant at $16.6 billion, this year’s spending will be 30 per cent (-$7.1 billion) below the amount spent in 2019 and 58 per cent (-$228 billion) below the 10-year average
In the second quarter of 2020, crude oil and refined product realizations decreased significantly, with crude oil and crack spread benchmarks declining by more than 50 per cent
The anticipated reduction in oil and gas production and investment will be dramatic and will lead to significant drops in GDP and total number of jobs
Tim McMillan, President and CEO of the Canadian Association of Petroleum Producers, talks about the state of the industry amid lower oil prices and the COVID crisis
Canada produced 129.2 million barrel of crude oil and equivalent products in April, down 9% from April 2019, largest year-over-year decrease since June 2016
The capacity utilization rate in the mining, quarrying, and oil and gas extraction sector was unchanged at 77.8 per cent in the first quarter
Low energy prices, market access constraints, and higher-efficiency wells led to less capital spent on drilling programs, says Alberta Energy Regulator
CAPP said the oil and natural gas sector is Canada’s largest industry, generating more than $100 billion in gross domestic product (GDP) annually
Decrease in oil sands extraction, which includes crude bitumen and synthetic crude oil, down 1.9 per cent to 478.6 thousand cubic metres
Real GDP in Alberta will contract 6.8 per cent in 2020, making its economy the worst-hit province in the country this year
“The Covid-19 crisis is further crystallizing our focus on what is essential: health, safety and protection of the environment,” said the letter
After a comprehensive review of its operating expenditures, the company plans to reduce 2020 costs by approximately $300 million
The company has reduced its targeted capital expenditures by approximately $1.4 billion in 2020 from the original budget announced in December 2019