Canada's oil producers are cutting their capital spending for 2019 due to volatility in Canadian crude prices and forced production cuts in the province of Alberta.
Global crude prices have also been under pressure as markets worry about a supply glut and an economic slowdown. Last month, Alberta Premier Rachel Notley said the Western Canadian province would mandate temporary oil output cuts of about 325,000 barrels per day to deal with a pipeline bottleneck that has led to a glut of crude in storage and driven down Canadian crude prices. The following table lists Canadian companies who have cut their 2019 capital expenditure forecast. Suncor Energy said spending would remain largely flat: Serial Name of Company Capital expenditure No. 2019 2018 1. Crescent Point C$1.2 bln- C$1.8 bln Energy Corp C$1.3 bln 2. Husky Energy Inc* C$3.4 bln C$2.9 bln-3.1 bln 3. Cenovus Energy Inc C$1.2 bln- C$1.5 bln- C$1.4 bln C$1.7 bln 4. Suncor Energy Inc C$4.9 bln- C$4.5 bln – C$5.6 bln C$ 5 bln 5. Canadian Natural C$3.7 bln C$4.3 bln Resources * Husky cut its 2019 capex forecast from C$3.7 bln (Compiled by Shradha Singh in Bengaluru)