CALGARY - Oilsands producers Suncor Energy Inc. and MEG Energy Corp. operate different types of projects, but both companies said Thursday they could make them work in the current low oil price environment by pushing down costs.
MEG Energy Corp.MEG.T +3.21% said it has temporarily suspended operations at its Christina Lake oil-sands project in northeastern Alberta and moved non-essential staff from the site due to the potential risk of nearby forest fires.
Canadian PressHusky Energy Inc 2015 capital budget cuts allocations for production projects in Western Canada by about 42 per cent, to $1.8 billion, while its spending in the Atlantic region will be reduced by 14 per cent to $600 million from $700 million.
Oilsands producer MEG Energy Corp. posted a $508-million first-quarter net loss Thursday as realized prices for its bitumen plunged 59 per cent to $25.82 per barrel from $62.28 in the same period of 2014.
CALGARY - MEG Energy said Wednesday it is slashing about $900 million from its 2015 capital spending plan, a 75 per cent decline from what was announced less than two weeks ago as the oilsands producer adjusts to uncertainty about oil prices.