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Canadian energy sector shutting down production as low crude oil prices persist
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Calgary-based energy companies are continuing to reduce production, cut spending and trim costs as volatile oil prices remain stubbornly below profitable levels.
Enerplus Corp. announced Wednesday it will cut its capital budget another $25 million to take it to $300 million, leaving it at about 55 per cent of its original $545 million.
In an announcement two days after benchmark U.S. oil futures prices fell into negative territory for the first time in history, the company said it is also shutting down wells to avoid producing into the current market.
Meanwhile, the CEO of producer Whitecap Resources Inc. told investors at its virtual annual general meeting on Wednesday that it, too, is identifying operations to temporarily shut down and
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