Baytex Energy Corp. provides a corporate update that includes the resumption of previously shut-in crude oil production.
As the global supply and demand picture continues to unfold, crude oil prices have strengthened from their lows in April and we are now starting to benefit from the steps we have taken. We have restarted approximately 80% of the previously announced shut-in volumes, which will have a positive impact on our adjusted funds flow. At current commodity prices, we expect to generate positive free cash flow over the remainder of 2020 and maintain over $300 million of financial liquidity, commented Ed LaFehr, President and Chief Executive Officer.
We continue to forecast capital spending for this year of $260 to $290 million, which represents an approximate 50% reduction from our original plan of $500 to $575 million. With this revised capital program, we suspended drilling operations in Canada and expect to see a moderated pace of activity in the Eagle Ford.
We previously announced that we had voluntarily shut-in approximately 25,000 boe/d of production. These volumes remained off-line for April and May. As operating netbacks improved in June, we initiated plans to bring approximately 80% of these volumes back on-line. At current commodity prices, the resumption of production from these previously shut-in barrels will have a positive impact on our adjusted funds flow and improve our financial liquidity. For the second half of 2020, we currently project about 5,000 boe/d of heavy oil production to remain shut-in.
Taking into account the production brought back on-line, we are revising our production guidance range for 2020 to 78,000 to 82,000 boe/d, from 70,000 to 74,000 boe/d previously. We expect production in the second quarter to average approximately 72,000 to 73,000 boe/d. Should operating netbacks change, we have the ability to shut-in additional volumes or restart wells in short order.
As operations resume, we remain intensely focused on driving further efficiencies to capture or sustain cost reductions previously identified during the downturn, while protecting the health and safety of our personnel.
Based on the forward strip(1), we expect to maintain our financial liquidity and remain onside with our financial covenants through 2021.
(1) 2020 full year pricing assumptions: WTI - US$37/bbl; WCS differential - US$14/bbl; MSW differential US$6/bbl, NYMEX Gas - US$1.95/mcf; AECO Gas - $2.00/mcf and Exchange Rate (CAD/USD) - 1.36. 2021 full year pricing assumptions: WTI - US$40/bbl; WCS differential - US$14/bbl; MSW differential US$7/bbl, NYMEX Gas - US$2.65/mcf; AECO Gas - $2.25/mcf and Exchange Rate (CAD/USD) - 1.36.
Our credit facilities total approximately $1.1 billion and have a maturity date of April 2, 2024. These are not borrowing base facilities and do not require annual or semi-annual reviews. As of March 31, 2020, we had $417 million of undrawn capacity on our credit facilities resulting in approximately $315 million of liquidity net of working capital. In addition, our first long-term note maturity of US$400 million is not until June 2024.