Painted Pony to cut 2019 capex by highest amount among North American gas producers

Painted Pony Energy is set to cut its capital spending this year by a greater margin than any other North American natural gas-focused producer, according to data available in the Daily Oil Bulletin’s latest guidance report (see note 1).

The latest weekly corporate guidance review from the DOB can be accessed at this link. This week’s edition includes data for 67 Canadian- and U.S.-based upstream companies, along with a detailed look at recent guidance announcements from Husky Energy, Baytex Energy and Whitecap Resources, among others.

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Comparing final guidance for 2018 and latest guidance for 2019, Painted Pony expects its capital expenditures to fall by around 34%, a much greater margin than any of the other 18 natural gas-focused producers to have reported 2019 guidance in North America so far. 

Cost efficiency and capital discipline is the clear focus for Painted Pony.

“Establishing a range of capital spending in 2019 and a commitment to limit spending to match anticipated internally generated adjusted funds flow from operations provides Painted Pony the flexibility to shift capital spending based on changing market prices,” said CEO Pat Ward.

The Daily Oil Bulletin’s weekly guidance report is put together using upstream company guidance data provided by Evaluate Energy.

For a demonstration of the Evaluate Energy North American guidance product, click here.

Note

1. All companies with a portfolio that was made up of more than 50% natural gas in Q3 2018 is included here as a “natural gas-focused producer.” 

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