Suncor Energy, Husky lead Canadian capital spending

Oil sands, tight oil and NGLs drive growth in 2012

January 07, 2012

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Industry capital spending will be up in 2012, predicts the Canadian Association of Petroleum Producers (CAPP). With that spending forecasted to be $55 billion this year, the oil patch is focused on growth despite an uncertain global economic outlook. And in the budgets that have been released this far, it’s also clear the sector has embraced the oil sands, tight oil and liquids rich natural gas plays.

BOE = Barrels of oil equivalent per day
BPD = Barrels of oil per day

Suncor Energy Inc.
Capital Budget: $7.5 billion
Estimated Production: 530,000-580,000 bpd
Focus Areas: Alberta (oil sands), North Sea, East Coast offshore

Husky Energy Inc.
Capital Budget: $4.7 billion
Estimated Production: 290,000-315,000 bpd
Focus Areas: Alberta (heavy oil and oil sands), East Coast offshore, Asia Pacific

Cenovus Energy Inc.
Capital Budget: $3.1-$3.4 billion
Estimated Production: 163,000 bpd
Focus Areas: Alberta (oil sands), Saskatchewan

Nexen Inc.
Capital Budget: $2.7-$3.2 billion
Estimated Production: 185,000-220,000 boe
Focus Areas: Alberta (oil sands), B.C., North Sea, West Africa offshore

Penn West Exploration
Capital Budget: $1.6-$1.7 billion
Estimated Production: 174,000-178,000 boe
Focus Areas: Alberta, Saskatchewan, Manitoba

Canadian Oil Sands Limited
Capital Budget: $1.46 billion
Estimated Production: 290,000-320,500 bpd
Focus Areas: Alberta (oil sands)

Crescent Point Energy Corp.
Capital Budget: $1.1 billion
Estimated Production: 80,000 boe
Focus Areas: Saskatchewan, Alberta, North Dakota

Harvest Operations Corp.
Capital Budget: $770 million
Estimated Production: 106,000 bpd
Focus Areas: Alberta (oil sands and conventional oil), Saskatchewan and B.C.

ARC Resources Ltd.
Capital Budget: $760 million
Estimated production: 92,500 boe
Focus Areas: Alberta, Saskatchewan, B.C., Manitoba

Baytex Energy Corp.
Capital Budget: $400 million
Estimated Production: 54,000-55,000 boe
Focus Areas: Alberta (heavy oil), Saskatchewan, B.C., North Dakota

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