The threaded end of one of hundreds of drill pipes is shown in front of the Baytex Energy Ltd.'s Pembina oil rig near Pigeon Lake, Alberta, Canada on Friday, Feb. 17, 2012. The company last week cut is monthly dividend to 10 cents a share, down from 24 cents per share. It trimmed its 2015 budget to between $575-million and $650-million, down 30 per cent from its original expectation.Norm Betts/Bloomberg
Energy companies are cutting spending, reducing dividends and lowering oil-price expectations as they cope with plunging crude prices.
Penn West Petroleum
The company on Wednesday cut its quarterly dividend to 3 cents a share, down 78 per cent from 14 cents, and trimmed its 2015 budget to $625-million, down 25 per cent from its November expectation of $840-million. It assumes oil will trade at an average of $65 (Canadian) a barrel in 2015, down from its November forecast of $86.50 a barrel.
MEG Energy Corp.
The oil sands company on Wednesday slashed its 2015 budget to $305-million, down 74 per cent from its November expectation of $1.2-billion.
Whitecap Resources
The company on Tuesday trimmed its 2015 budget to $245-million, down 32 per cent from its November expectation of $360-million. The energy firm assumes oil will trade at an average of $65 (U.S.) per barrel in 2015, down from its November forecast of $85 per barrel.
Bonavista Energy
The company on Tuesday cut its monthly dividend to 3.5 cents a share, down 50 per cent from 7 cents. It trimmed its 2015 budget to between $375-million and $425-million, down roughly 30 per cent from its November expectation of between $525-million and $575-million. The energy firm assumes oil will trade at an average of $62 (U.S.) per barrel in 2015, down from its November forecast of $83 per barrel.
Lightstream Resources
The company on Monday cut is monthly dividend to 1.5 cents a share, down 62 per cent from 4 cents. It put assets in the Bakken up for sale. The company said it would spend between $190-million and $210-million in 2015. The energy firm assumes oil will trade at an average of $65 (U.S.) a barrel in 2015.
Baytex Energy Corp.
The company last week cut is monthly dividend to 10 cents a share, down from 24 cents per share. It trimmed its 2015 budget to between $575-million and $650-million, down 30 per cent from its original expectation.
Canadian Oil Sands Ltd.
The oil sands company two weeks ago cut is quarterly dividend to 20 cents a share, down 43 per cent from 35 cents. The energy firm assumes oil will trade at an average of $75 (U.S.) a barrel in 2015.
Alberta government
The Progressive Conservative party at the end of November lowered its oil price assumption to an average of $88.88 (U.S.) a barrel for all of fiscal 2014-15, down from its August forecast of $96.69 a barrel.
Carrie Tait