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With a number of companies having now reported Q3 2023 results, we thought it was an opportune moment to check in on year-to-date capital spending. 2023 has been nothing if not eventful, with an everchanging macroeconomic picture creating significant swings in oil and natural gas markets. WTI, for instance, has oscillated from the high 60s to the low 90s throughout the year, complicating financial projections and capital planning for Canadian E&Ps despite the year having been quite positive for the industry overall. With this in mind, we wanted to examine how actual capital spending has compared to budgets for companies that have released Q3 results, and examine implied spending in the fourth quarter (based off of the portion of each company’s budget that is still remaining). Canadian E&Ps Q1 2023 Q2 2023 Q3 2023 2023 Budget Implied Q4 2023 % Left Perpetual 9.1 1.8 7.3 28.5 10.3 36% Surge Energy 45.7 30.6 43.9 175.0 54.7 31% Athabasca Oil 26.4 41.4 33.3 145.0 43.9 30% ARC Resources 487.4 416.5 401.4 1,850.0 544.7 29% Paramount 184.1 140.2 198.9 737.5 214.3 29% Cenovus 1,101.0 1,002.0 1,025.0 4,250.0 1,122.0 26% Vermilion 154.8 166.8 125.6 590.0 142.7 24% Crescent Point 314.2 230.1 315.2 1,100.0 […]
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