10:25 AM EST - TransGlobe Energy Corporation : Announced an amendment to its 2020 capital budget and guidance.The 2020 production outlook for the Company is provided as a range to reflect timing and performance contingencies. Global reaction to the spread of COVID-19 and the resultant reduction in oil demand has negatively affected current and future forecasts of oil prices in 2020. This has been compounded by OPEC+, led by Saudi Arabia and Russia, failing to reach an agreement on constraining output in face of lower global demand to support global oil prices and Saudi Arabia and Iraq’s stated intention to discount April deliveries and increase supply into the market. Oil prices are now markedly lower than those the Company used as the basis for its 2020 capital program.TransGlobe Energy Corporation
shares T.TGL are trading down $0.06 at $1.02.
