CALGARY – Husky Energy Inc. says it plans to spend approximately $3.4 billion on its capital expenditure program next year.
The energy company says the total is about $300 million less than it forecast earlier this year and includes spending cuts resulting from Alberta’s mandated oil production cuts and lower global oil prices.
The Alberta government has ordered production cuts in the oilpatch next year in a bid to boost oil prices.
Husky says spending is being cut in areas where it has the most capital flexibility, including heavy oil and Western Canada resource plays.
Average annual 2019 production is expected to be approximately 300,000 barrels of oil equivalent per day, not including any production associated with its proposed acquisition of MEG Energy Corp.
Husky has made a hostile takeover offer for MEG Energy.
Companies in this story: (TSX:HSE, TSX:MEG)