Forecast - Production | Hedging | Job Cuts / Downsize / Layoff | Capital Markets | Project Suspended | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
Athabasca Cuts Capex 30%, Shuts In Hangingstone; Cuts Workforce by 15%
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Athabasca Oil Corp. has made further changes to its 2020 operating plan.
2020 Capex Cut 30%; Focus on Montney, DuvernayAthabasca has cancelled a total of $40 million of capital expenditures, representing a 30% reduction from the original 2020 budget.
The revised $85 million budget includes the recent completion of its winter Light Oil program (10 Montney wells and 16 Duvernay wells). The Company has no additional Light Oil activity planned for the balance of the year.
Annual corporate guidance is 30,000 – 31,500 boe/d and reflects a ~2,500 boe/d reduction related to the shut-in of the Hangingstone Asset (see below).
Hangingstone Shut-In Spurs 15% Cut in StaffDue to the significant decline in oil prices combined with the economic uncertainty associated to the ongoing COVID crisis…
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