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Western Canada: a return to capital discipline

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11 November 2013

Western Canada: a return to capital discipline

Report summary

Amongst our dataset of 45 western Canadian producers, capex/boe nearly doubled from Cdn$10/boe in 2009 to Cdn$19/boe in 2012. Cash flows diminished during this time frame, eventually dipping into negative territory. We expect cash flows to recover, with capital spending falling 14% and capex/boe improving by 17% from 2012 to 2013.

Table of contents

  • Executive summary
    • Differentials widen
    • Capital markets pull back
    • Cash flow is king
    • Leveraging sunk costs in unconventional plays
      • Sweet spots are located
      • Completion techniques are honed
      • Infrastructure is built
      • Efficiencies are realised
    • Focus on core areas set to continue
    • Signature Canadian firms lead the way
    • Notable exceptions
    • Junior players particularly challenged
  • Beyond the near term
  • Appendix
    • Liquids price
    • Gas price
    • Exchange rate

Tables and charts

This report includes 10 images and tables including:

  • Company coverage
  • Western Canada: a return to capital discipline: Image 1
  • Western Canada: a return to capital discipline: Image 2
  • Cash flows in western Canada for select companies
  • Spending in western Canada for select companies
  • Crown land sale activity
  • Western Canadian M&A activity
  • Junior players' western Canadian production
  • Cash flows for select companies and plays
  • Spending for select companies and plays

What's included

This report contains:

  • Document

    Western Canada: a return to capital discipline

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