Trudeau Economy: Enerplus Cutting Canada Capital Spending By 25%

Just 7.5% of their capital budget will be in Canada.

Enerplus – a Calgary based energy company – is cutting their capital spending in Canada in 2019.

In 2018, 10% of their capital budget was allocated for Canada. That’s going down to 7.5% in 2019, representing a 25% cut in their Canada capital spending.

As a result, the share of Enerplus capital spending in the United States will be going up.

As noted by BNN Bloomberg, “The decline in Enerplus’ capital expenditure on its home turf comes as Canada’s energy sector struggles with low oil and gas prices, and concerns over regulatory uncertainty.”

Here’s what their CEO Ian Dundas said in a statement:

“Our 2019 plan is expected to generate double-digit returns on capital employed and competitive oil production per share growth while operating within cash flow based on prevailing commodity prices. Importantly, if we see commodity prices improve, we would expect to generate meaningful free cash flow.”

Previously, Dundas had said, “For people to think about deploying capital into Canada, I think you’re looking for things to start to get better – and that really hasn’t been the pattern. It’s been getting worse.”

This is a direct result of the Trudeau economy: The carbon tax, and excessive bureaucratic regulations is having a devastating impact on the energy industry and on Canada’s economy.

Spencer Fernando

Photo – YouTube

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Eric Blair

This is nothing but music to Butts/Trudeau’s ears.

NancyW

The election better come soon if we wish to get back to being a sovereign country, it is sad to see a once great country failing and being destroyed by a foreign U.N. run silly puppet show pretend government. The Conservatives are already feeling the lies and slant from the out of country placed advertisements in our LIEberal/NDP/Bernier bought out slanted mainstream media, and it is legal for this in Canada of course.

Ken (Kulak)

Little by little, PM Butts’ plan to shut down Canada’s energy resource industry is taking place.

shawn harris

Enerplus oil and gas is sending a strong message to Trudeau, that his policies are a failure and are causing major damage to the oil industry. Enerplus is also saying publicly what most of the oil industry is saying privately, that with high taxes, a carbon tax, bill C69 the no more pipeline legislation and strangulating regulations is causing them to invest their capital anywhere but in Canada. The longer Trudeau is in power the sooner the collapse of the oil industry will come. And along with it the destruction of what is left of our national economy. Trudeau has… Read more »

Del

http://www.enerplus.com/

18% in Canada, 82% in the States. And this is a Canadian company. Sucks to be Trudeau.