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Several mid-sized oil and gas producers operating in a range of plays have spiked their capital spending plans for next year by as much as 70 per cent.

The beefed-up budgets signal the widely held view that 2016 marked the bottom of the oil rout, though companies remain prepared for fluctuating prices, said Jeremy McCrea, analyst with Raymond James.

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“Most companies are under the impression that oil prices will be higher than (they were in) 2016; as a result the budgets we’re seeing are reflective of that higher expected cash flow,” McCrea said.

“With that said, though, most companies admit that prices do continue to seem extremely volatile and are still emphasizing caution with these budgets.”

Calgary-based Whitecap Resources Inc. said Monday it would spend about $300 million on capital projects next year, an increase of 71 per cent from its 2016 capital budget of $175 million.

The company expects to drill 187 oil wells in Western Canada, boosting annual production from the equivalent of 45,700 barrels of oil per day to 57,000 — a 25 per cent jump.