Budget Reductions For 2009 Exceed $12 Billion

摘要

With this week's further $800 million capital expenditures cut by Canadian Natural Resources Limited, producers have now knocked more than $12 billion off their initial planned spending for 2009, Bulletin records show.Many producers announced budget reductions last fall when they approved capital spending plans for 2009. The trend so far this year has been to cut back those budgets even further in the wake of stagnant oil prices and deteriorating natural gas prices.