Eagle Energy Inc., Calgary, plans to accelerate cuts in general and administrative expenses in response to weaker crude oil prices.
The cost reductions, which target office and overhead as well as corporate travel, include a review of all employee and board compensation and potential staff reductions.
As a first step, Eagle within the next 60 days plans to lower executive compensation, including that of Chief Executive Officer Richard W. Clark.
Eagle’s capital and operating budget for 2017 assumed an average West Texas Intermediate price of $55.46/bbl.