Producers projecting largest 2021 capex growth: Oilsands companies prominent

Three Canadian oilsands operators are prominent among larger producers in North America projecting the greatest percentage rise in capital spending in 2021.

Among producers whose daily output exceeds 100,000 boe/d, Cenovus Energy Inc. tops the pile. It plans to almost triple capex spending from C$841 million last year to around C$2.4 billion in 2021. Imperial Oil and Canadian Natural Resources also rank highly with projected increases of 37% and 20%, respectively, based on new Daily Oil Bulletin guidance data.

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The data compares current 2021 budget plans with reported 2020 capital spending based on company annual results compiled within the Evaluate Energy database.

Cenovus’ increase of nearly C$1.7 billion is also the largest increase on a pure dollar level expected in 2021 based on currently available budgets for senior North American producers. Pioneer Natural Resources and ConocoPhillips were the next highest ranked on this metric, with planned increases of around $965 million and $785 million, respectively.

Canada’s other +100,000 boe/d oilsands player Suncor Energy also projects an increase of 9% (~C$355 million) based on its 2021 budget of C$4.15 billion.

The DOB releases updated reports holding all 2021 production, drilling and capital budgets for every North American producer every week.

The report is built using data from the Evaluate Energy guidance product.