MEG Energy Corp. cut its capital spending guidance for a second time due to the COVID-19 pandemic as it reported a first-quarter loss of $284 million.

The company now expects its capital spending to total $150 million, down from an estimate of $200 million in March and $250 million in its original guidance released late last year.

The company is also reducing non-energy operating cost and general and administrative expenses by $20 million and $10 million respectively.

The reduced spending plan came as MEG reported a first-quarter loss of 95 cents per share compared with a loss of $48 million or 16 cents per share in the same quarter last year.

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MEG Energy cuts capital spending plan again, reports $284M Q1 loss

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