Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020 | 2020 Guidance
Tamarack Valley Cuts Capex to $100 Million; Increases Waterflood Focus
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Tamarack Valley Energy Ltd. has reported changes to its 2020 plans.
The company’s 2020 capital program has been adjusted to $95 – $105 million (a decrease of 43% / $75 million), assuming $35.00/bbl WTI in 2020.
Under the Company’s amended and more defensive capital program, 2020 annual average production is forecast to be lower than 2019.
To facilitate these objectives, a greater percentage of 2020 capital (over 30%) will be allocated to Tamarack’s Veteran waterflood program. Incremental waterflood production is expected to improve the corporate decline rate to between 23% and 26% in 2021, compared to previous estimates of less than 30%.
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