(Bloomberg) -- Canadian energy companies are slashing their spending plans for this year as low oil prices make most production unprofitable, straining their cash flow.
Here is a summary of how companies are responding to the slump:
| Company | Response |
|---|---|
| Husky Energy | Cutting spending plan by C$1 billion ($720 million) and reducing production forecast by about 5% |
| Cenovus Energy | Reducing spending 32% to a range of C$900 million to C$1 billion and lowering production outlook by about 5% |
| MEG Energy | Slashing capital spending by 20% to C$200 million |
| ARC Resources | Lowering capital budget 40% to as much as C$300 million and cutting monthly dividend 60% to 2 cents a share. After March, company will switch to a quarterly dividend of 6 cents |
| Seven Generations | Trimming capital budget 18% to C$900 million and reducing production forecast 7.4%, to 185,000 to 190,000 boe/d |
| Birchcliff Energy | Reducing 2020 capital spending plan by 19% to a range of C$275 million to C$295 million |
| Surge Energy | Deferring some capital spending from the first quarter into the second half of the year and cutting dividend to 1 cent a share per year, from 10 cents |
| Pipestone Energy | Cutting capital spending 60% to a range of C$55 million to C$65 million. |
| Gran Tierra | Lowering capital budget 67% to range of C$60 million to C$80 million. |
| Bonterra Energy | Suspending monthly dividend, starting in April. Setting capital budget of C$25 million, a 53% from last year. |
| Gear Energy | Reducing capital spending 74% to C$13 million |
To contact the reporter on this story: Kevin Orland in Calgary at korland@bloomberg.net
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Derek Decloet
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