Crescent Point Energy to cut capital spending by 28 percent
Crescent Point said it would spend C$1.45 billion ($1.23 billion) in 2015, mostly on drilling projects, and added that its budget assumptions were "conservative" and "disciplined".
The company had announced its intention to cut its 2015 capital spending budget in November last year, but said at the time that it did not expect its 2015 budget to be "significantly" lower than in 2014.
But the slide in oil prices, which have more than halved since mid-2014, has resulted in a number of Canadian oil and gas companies, including Husky Energy, Cenovus Energy, Athabasca Oil, and Tourmaline Oil, slashing capital spending plans for the year.
Crew Energy said it expects to spend up to C$185 million in 2015, lower than its 2014 budget of C$246 million.
Crescent Point said it expected to spend about C$408 million of its budget in the Viewfield Bakken play in southeast Saskatchewan and about C$301 million in its Shaunavon field in southwest Saskatchewan.
The company said it expected average daily production of 152,500 barrels of oil equivalent per day, a 9 percent increase over its estimated 2014 production. ■