ARC Resources and Tourmaline Oil among Canadian gas producers to post spending records

Canada’s gas producers posted five-year highs in capital spending in Q1 2023, according to new analysis using Evaluate Energy’s cash flow data.

Canada’s 17 natural gas-weighted producers posted a combined spending of over C$2 billion for the first time, and seven of the group recorded individual five-year highs in spending.

The seven companies posting individual highs included the group’s largest two producers, ARC Resources and Tourmaline Oil, as well as several smaller producers, including relative newcomer Kiwetinohk Energy.

Full details on the record spenders can be found below. Cash used for M&A activity is excluded.

An eighth member of the group, Paramount Resources, was just short (~C$200,000) of recording a similar record spend, as it focuses on drilling and completion operations in the Grande Prairie and Kaybob regions of Alberta.

These record spends could be seen across the North American oil and gas industry in Q1 2023. More details can be found here.

Evaluate Energy’s streamlined cash flow data, including detailed breakdowns of all uses and sources of cash, provide our users with a far clearer picture than ever before of how oil and gas producers use their cash as commodity prices change over time. Data points include capital expenditures, finance raised, debt repaid, assets sold or acquired, dividend payments and more.