‘My worst day by far’: Oilpatch reacts to unprecedented oil crash with spending cuts [Financial Post (Toronto, Ontario, Canada)]
Enerplus Corporation (ERF)
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Source: Financial Post
'My worst day by far': Oilpatch reacts to unprecedented oil crash with spending cuts Companies are reworking capital budgets for the year, reconsidering spending plans and trying to cut costs CALGARY – Energy fund managers told their clients to take heartburn medication and oil CEOs braced for impact but, in the end, no one was spared from the unprecedented collapse in energy markets this week. “I don’t feel we were particularly spared,” said Ian Dundas, president and CEO of Enerplus Corp., who saw his company’s share price fall 37 per cent on Monday — a brutal day for the light oil and gas player, but relatively better than some of his competitors, who saw their share prices fall 50 to 70 per cent. Now, Dundas and his peers are completely reworking capital budgets for the year, reconsidering spending plans and trying to cut costs after oil prices collapsed on news Saudi Arabia would flood the market with oil in its price war with Russia. “We, like everybody else I know, are re-examin
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