The Canadian oilpatch has proven it can pivot to a sudden ramp-up in oil prices — as it did in three years ago, when prices shot above $100 a barrel — but some companies are now preparing for a more defensive posture as 2026 approaches.

Fresh off a blockbuster $15-billion merger with Veren earlier this year , senior petroleum producer Whitecap Resources is adopting a “defensive” capital program for 2026 due to slumping oil prices — notwithstanding a sudden bump above $60 a barrel on Thursday.

The Calgary-based company, which posted its first full quarter of operations since its union with Veren, has announced a $2.05-billion capital budget for next year.

That’s down more than $500 million from its initial post-merger plans to spend about $2.6 billion.

“We put together, for 2026, a defe

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