Husky, Crescent Point slash budgets Canada oil cuts deepen [Toronto Globe and Mail (Ontario, Canada)]
Crescent Point Energy Corporation Ordinary Shares (Canada) (CPG)
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Source: Toronto Globe and Mail
Husky, Crescent Point slash budgets Canada oil cuts deepen Husky Energy Inc. and Crescent Point Energy Corp on Monday slashed 2020 capital spending for a second time and throttled back production, days after Canada’s federal government offered financial relief to the hard-hit sector. Oil and gas producers are cutting output and spending to cope with the fallout from sweeping measures to contain the spread of the novel coronavirus, which has grounded commercial aircraft and shut down major cities. Canada on Friday announced $2.5-billion (US$1.8 billion) in aid to help the industry, whose steam-driven extraction sites have borne the brunt of output cuts so far.. The relief is targeted mainly at smaller companies and includes commercial loans worth $15 million to $60 million each offered by the Business Development Bank of Canada. “We believe the liquidity measures largely support smaller industry firms and expect ongoing discussions between industry and governments to refine and expand
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