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ARC Resources cuts 2019 capital expenditure budget to C$700 million

Reuters

(Reuters) - Canadian oil and gas producer ARC Resources said on Thursday it has cut its 2019 capital expenditure budget by C$75 million to C$700 million ($530.46 million) due to the postponement of the Attachie West Phase I gas processing and liquids-handling facility.

The company said the project will be deferred by at least a year from the originally planned on-stream date of mid-year 2021.

The company also said it expects 2020 capital expenditure to be in the range of C$550 million to C$625 million.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Arun Koyyur)