Petro-Canada has lowered its 2009 big spending by $1.3 billion in fear of the markets and will focus on “living within financial means” while staying liquid enough to be opportunistic, the Canadian major said Thursday.
"Petro-Canada is in an excellent position because we are financially conservative, we have diverse operations to generate cash and we can pace our growth projects," company chef exec Ron Brenneman said Thursday.
The company plans to spend $4 billion exploring for oil and gas and building up its oilfields next year. Up to 395,000 barrels of oil equivalent per day are planned for the New Year, down from 2008 volumes by 25,000 boed.
Cash from a converted refinery in Edmonton and new oil sands income is expected to make up the lower production.
Next year’s capital program sets aside $2.1 billion for E&P but is expected to change with changing markets and new cash flow.
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