Energy companies continue job cuts amid low oil prices, COVID-19 pandemic

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Crescent Point Energy Corp. cut its capital spending plan again and reduced its production guidance for the year as cuts in the oil patch continued amid lower oil prices in the wake of the COVID-19 pandemic.

The company lowered its capital spending guidance to between $650 million and $700 million compared with between $700 million and $800 million which it announced in March.

Crescent Point originally had a capital spending plan in a range of $1.1 billion to $1.2 billion.

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The spending cuts came as the company also lowered its annual average production forecast to 110,000 to 114,000 barrels of oil equivalent per day for 2020.

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It says the new guidance represents a reduction of 20,000 barrels of oil equivalent per day or about 15 per cent from its earlier guidance of 130,000 to 134,000 barrels of oil equivalent per day.

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Crescent Point says the revision is largely due to the shut-in of higher cost production and its decision to shift capital spending to the latter part of the year.

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