Insight
Western Canada: a return to capital discipline
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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
-
Markets weaken
- Differentials widen
- Capital markets pull back
-
Producers’ answer: capital discipline
- 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
-
Affected companies
- Signature Canadian firms lead the way
- Notable exceptions
- Junior players particularly challenged
- Beyond the near term
- Appendix
-
Economic Assumptions
- 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:
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