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Canada Oil Industry Cuts Up to $4.4 Billion in Capital Spending

  • Midstream companies Pembina, Inter Pipeline join cutting drive
  • Canadian Natural announces C$1.09 billion spending reduction
Operations At A Cenovus Energy Oil Production Facility

Photographer: Brent Lewin/Bloomberg

Updated on

Canada’s oil and gas industry is cutting C$5.2 billion to C$6.4 billion ($3.6 billion to $4.4 billion) in capital spending this year in response to the rout in oil prices.

Pipeline operators like Pembina Pipeline Corp. and Inter Pipeline Ltd., as well as oilfield-service providers including Enerflex Ltd. and Total Energy Services Inc., have joined the cost-cutting drive.