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Whitecap Cuts Capital Program by 53%; $70 Million
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Whitecap Resources Inc. announces that in response to the severe decline in crude oil prices in the past few weeks, we are implementing multiple initiatives to adapt to the lower prices. Our priority in the current commodity price environment is to protect our balance sheet and to re-calibrate our business plan to ensure long-term sustainability while being positioned for an eventual commodity price recovery.
Capital ReductionWhitecap's Board of Directors have agreed to a 53% reduction to our 2016 capital program to $70 million from our previous guidance on December 15, 2015 of $150 million.
The deterioration in crude oil prices has dramatically affected our project economics and we therefore believe that reducing our capital spending in this environment will maximize long-term value…
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