Energy sector shutting down oil production as low crude prices persist [Toronto Globe and Mail (Ontario, Canada)]
Enerplus Corporation (ERF)
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Source: Toronto Globe and Mail
Energy sector shutting down oil production as low crude prices persist Calgary-based oil and gas companies are continuing to reduce production, cut spending and trim costs as volatile oil prices remain stubbornly below profitable levels for most. Enerplus Corp. announced Wednesday it will cut another $25-million to take its 2020 capital budget to $300-million, leaving it at about 55 per cent of its original budget of $545-million. In an announcement two days after benchmark U.S. oil futures prices fell into negative territory for the first time in history, the company said it is also shutting down wells to avoid producing into the current market. Meanwhile, the CEO of producer Whitecap Resources Inc. told investors at its virtual annual general meeting on Wednesday that it, too, is identifying operations to temporarily shut down and has resolved to cut at least 10 per cent of administrative and operating costs. “With personnel safety as a backdrop, we are intentionally focused on near
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