UPDATE 1-Crescent Point Energy expects to lower 2015 spending

Fri Nov 7, 2014 3:08pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details on other companies trimming 2015 capital expenditure)

By Nia Williams

CALGARY, Alberta Nov 7 (Reuters) - Crescent Point Energy became the latest Canadian oil producer to reveal plans to trim 2015 capital spending on Friday, as falling crude prices prompted some companies to rein in budgets.

The light oil producer has a budget of C$2 billion for 2014 but said on Friday next year's capital expenditure could be slightly lower as a result of volatile crude prices.

"We are currently in the middle of the 2015 budget process, we haven't finalized anything yet, but given the recent volatility the 2015 budget will be slightly lower than 2014, but not significantly," Crescent Point Chief Executive Officer Scott Saxberg told analysts on a third-quarter earnings call.

Despite plans to lower 2015 spending, Crescent Point said it was well-protected in the current price environment and was always on the lookout for merger and acquisition opportunities, particularly in areas where the company already had a presence.

"We have obviously a focus on southeast Saskatchewan, and Shaunavon and Uinta, and so opportunities that are in those areas, if they come about and present themselves and the value is there, we are obviously going to be compelled to act and consolidate these fields," Saxberg said.

The Shaunavon field is located in southwest Saskatchewan and the Uinta basin is a light oil play in Utah.