Capital Markets | Capital Expenditure | Capex Increase | 2020 Guidance
Canadian E&P Immediately Suspends Drilling of 200 Wells
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Baytex Energy Corp. has announced that, in light of the current prices, it is taking the following measures.
"We are immediately suspending drilling operations in Canada. As a result, we expect to forgo drilling 43 net heavy oil wells and 151 net light oil wells over the balance of this year. In addition, we expect a moderated pace of development in the Eagle Ford with 16 to 18 net wells brought on production (previously 22 net wells).
"We now anticipate 2020 exploration and development expenditures of $260 to $290 million. At the mid-point, this reflects an approximate 50% reduction in capital spending for 2020 relative to our initial expectation of $500 to $575 million. For Q1/2020, exploration and development expenditures are expected to be approximately $190 million, down $10 million…
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