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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (79310)	3/10/2020 8:44:49 AM
From: Goose94	Read Replies (1) \| Respond to of 202704

Crude Oil: Rapid Response in the Oil Patch Cenovus Energy isn’t wasting any time attempting to shore up confidence after its stock price was cut in half yesterday (51.8 per cent, to be precise). Overnight, the oil sands producer announced it’ll slash its 2020 capital spending budget by 32 per cent, postpone some investment decisions on major projects, suspend its crude-by-rail program, and pledged to “look for additional opportunities to reduce operating and capital spending if necessary.” Meanwhile, Ovintiv talked up its hedging and liquidity in a release last night after the company formerly known as Encana saw its saw its shares plunge 72 per cent. But CEO Doug Suttles only hinted at “reducing our near-term capital spending” without providing specifics on that front. Recall Encana/Ovintiv fled to the U.S. last year in an attempt to broaden its American shareholder base. BNN.ca