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.
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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.
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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.
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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.
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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.