(Reuters) - Canadian oil and gas producer Husky Energy HSE.TO followed rivals and cut its 2020 capital spending budget by C$900 million on Thursday, citing challenging global market conditions.
The company said it now expects to spend between C$2.3 billion and C$2.5 billion in 2020, down from its previous guidance of C$3.2 billion–C$3.4 billion.
Calgary, Alberta-based Husky also lowered its 2020 annual production forecast to about 275,000-300,000 barrels of oil equivalent per day (boepd), compared with its prior forecast of about 295,000-310,000 boepd.
Earlier this week, major rivals Cenovus Energy CVE.TO and MEG Energy MEG.TO also announced cuts in their 2020 capital budgets, after crude prices slumped to their lowest levels in more than three years.
Reporting by Shradha Singh in Bengaluru; Editing by Krishna Chandra Eluri
Our Standards: The Thomson Reuters Trust Principles.