Exploration & Production | Top Story | Oil Sands | Capital Markets | Capital Expenditure
Oil Sand Producer Guts 2015 Budget By $900 Million
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MEG Energy has announced a reduction to its 2015 capital program to $305 million from the original $1.2 billion budget.
Previously released 2015 guidance remains unchanged, targeting a production increase of approximately 19% to 78,000 to 82,000 barrels per day at non-energy operating costs of $8 to $10 per barrel.
Bill McCaffrey, President and Chief Executive Officer said: "The revision of our 2015 capital investment plan is in response to the continuing deterioration of global crude oil markets.
While our projects remain economic at current strip pricing, we believe it is prudent to reduce capital spending until we see a sustained improvement in commodity prices. Our brownfield opportunities also provide us with the flexibility to increase spending at a measured pace under the right…
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