Cautious Canadian Oil Majors Forced To Cut Spending

Canada’s biggest oil companies sent mixed signals with a series of budget announcement this week, with some upbeat about next year and others more cautious, with plans to cut spending in a depressed growth environment. Husky Energy (OTCMKTS: HUSKF) seems to be the most cautious. In its 2020 capital spending and production guidance report released early this week, the company said it planned to cut its capex by US$379 million (C$500 million) over 2020-2021, with the sum budgeted for 2020 at US$2.4-$3.6 billion (C$3.2-3.4 billion). Most of…