Business
Whitecap Announces Actions to Fortify Balance Sheet and Strengthen Position
Whitecap Announces Actions to Fortify Balance Sheet and Strengthen Position Canada...
About this update from Whitecap Resources Inc.
[{"type":"text","content":"\n\n\n\nWhitecap Announces Actions to Fortify Balance Sheet and Strengthen Position\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen4{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prngen5{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 1pt solid; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 17, 2020\n\n\n\nCALGARY, March 17, 2020 /CNW/ - Whitecap Resources Inc. (\"Whitecap\" or the \"Company\") is employing proactive measures in response to current market conditions and the sharp decline in global commodity prices. Whitecap has persevered through previous commodity price cycles and will continue to focus on a strategy that protects the business, our balance sheet and liquidity and to provide returns to our shareholders.\nThe current crude oil price weakness has significantly reduced the expected returns from our 2020 capital program and, therefore, we have immediately reduced our capital spending in order to protect shareholder value. We are electing to reduce our 2020 capital program to $200 - $210 million from $350 - $370 million previously, a reduction of approximately $160 million or 44%. The lower capital investment will be restricted to asset integrity, health and safety programs in addition to our CO2 purchases at our carbon sequestration projec...