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Pump jacks belonging to Crescent Point Energy, work near Shaunavon, Sask., on Aug. 26, 2016.Larry MacDougal/The Canadian Press

Crescent Point Energy on Friday forecast lower capital spending and output in 2021, the latest oil producer to focus on conserving cash in preparation of low oil prices for a stretched period.

The company said it expects capital expenditures of $475 million to $525 million next year, with annual average production of 108,000 to 112,000 barrels of oil equivalent per day (boepd).

Its latest 2020 budget, revised multiple times due to the pandemic, was for capital expenditures of about $665 million and production of up to 121,000 boepd this year.

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