Just grab this... but LONGS know that for awhile
Post says Athabasca Oil, others keep lid on spending
2020-12-10 09:28 ET - In the News
See In the News (C-ATH) Athabasca Oil Corp
The Financial Post reports in its Thursday edition that oil prices have darted past $45 (U.S.) a barrel this month and a new "OPEC+" deal is in place, yet Canadian petroleum producers are remaining cautious and keeping a tight grip on their pocketbooks heading into 2021. Postmedia's Chris Varcoe writes that many producers are aiming to shore up their finances and pay down debt next year after piling on red ink when oil prices collapsed earlier this spring. "No one is really putting out aggressive budgets right now," said analyst Jeremy McCrea of Raymond James. "They are hoping for the best, but planning for the worst," added analyst Victor Vallance at DBRS Morningstar. "They want to maintain flexibility and preserve their balance sheet strength as much as they can." In the past two weeks, several producers have released their 2021 capital programs, including Baytex Energy, Athabasca Oil, Crescent Point Energy and Suncor Energy. Even with a recent rally in oil markets, some companies are expecting to keep spending levels flat or trim their capital plans next year. Canadian petroleum producers remain focused on spending within their cash flow levels and paying down debt if commodity prices continue to rise.