Advertisement
Canada markets closed

  • S&P/TSX

    21,969.24
    +83.86 (+0.38%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CAD/USD

    0.7316
    -0.0007 (-0.09%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • Bitcoin CAD

    87,233.34
    -1,014.20 (-1.15%)
     

  • CMC Crypto 200

    1,327.89
    -68.65 (-4.92%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • RUSSELL 2000

    2,002.00
    +20.88 (+1.05%)
     

  • 10-Yr Bond

    4.6690
    -0.0370 (-0.79%)
     

  • NASDAQ

    15,927.90
    +316.14 (+2.03%)
     

  • VOLATILITY

    15.03
    -0.34 (-2.21%)
     

  • FTSE

    8,139.83
    +60.97 (+0.75%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • CAD/EUR

    0.6838
    +0.0017 (+0.25%)
     

Husky Energy slashes 2020 capital spending plans by C$900 million

Reuters
·1 min read

(Reuters) - Canadian oil and gas producer Husky Energy <HSE.TO> followed rivals and cut its 2020 capital spending budget by C$900 million on Thursday, citing challenging global market conditions.

The company said it now expects to spend between C$2.3 billion and C$2.5 billion in 2020, down from its previous guidance of C$3.2 billion–C$3.4 billion.

Calgary, Alberta-based Husky also lowered its 2020 annual production forecast to about 275,000-300,000 barrels of oil equivalent per day (boepd), compared with its prior forecast of about 295,000-310,000 boepd.

Earlier this week, major rivals Cenovus Energy <CVE.TO> and MEG Energy <MEG.TO> also announced cuts in their 2020 capital budgets, after crude prices slumped to their lowest levels in more than three years.

(Reporting by Shradha Singh in Bengaluru; Editing by Krishna Chandra Eluri)