U.S. energy firms this week cut the number of natural gas rigs operating to the lowest level since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22. Baker Hughes said that puts the total rig count down 134, or 18%, below this time last year. The number of oil rigs fell by one to 509 this week, while gas rigs decreased by four [Read more]
Headlines
US gas producers shrug off low prices, bet on LNG boom
Energy executives say they are looking past current ultra-cheap gas prices and betting on a coming wave of new liquefied natural gas (LNG) plants to lift demand - and prices - for the fuel. Natural gas prices have fallen by one-third this year, undercut by a warmer winter, outages at LNG facilities and higher-than-expected output. The growth in solar and wind power and a pause on new U.S. LNG export permit reviews also have clouded the outlook for future gas demand. "Domestic U.S. markets [Read more]
SECURE announces closing of $300 million senior unsecured note financing
(All financial figures are approximate and in Canadian dollars unless otherwise noted) CALGARY, AB, March 22, 2024 /CNW/ - SECURE Energy Services Inc. ("SECURE") (TSX: SES), announced today that it has successfully closed its previously announced private offering (the "Offering") of $300 million aggregate principal amount of 6.750% senior unsecured notes due March 22, 2029 (the "Notes") at an issue price of $100.00, representing a yield of 6.750%. The Offering was underwritten by a syndicate of [Read more]
US natgas prices ease 1% to three-week low on mild forecasts
U.S. natural gas futures eased about 1% to a three-week low on Thursday on forecasts for milder weather over the next two weeks than previously expected, ample gas in storage and expectations gas flows to liquefied natural gas (LNG) export plants would remain low through May due to outages at Freeport LNG's plant in Texas. Freeport LNG said it anticipates two of the three liquefaction trains at its export plant will remain out of service for testing and repairs through May. Front-month gas [Read more]
Canadian Rig Count Summary – Active rig count drops to 154
In what can only be viewed as confirmation of the spring break-up's arrival, Canada’s active rig count came in at 154 this morning, 29 rigs fewer than last Friday. Albertan rig activity decreased, with the province's active rig count falling from 140 to 118. Saskatchewan’s rig count fell by 6 (from 15 to 9), while BC’s active rig count held steady at 27. With respect to target commodities, the number of oil rigs dropped from 107 to 79 between March 15 and March 22. In contrast, the number [Read more]
China’s CNOOC files arbitration over Hess stake in Guyana oil block
Chinese offshore oil and gas major CNOOC said it had filed an arbitration claim to establish a right over Hess' stake in the giant Guyana oilfield Stabroek in the event of the U.S. firm's sale to Chevron. CNOOC filed the arbitration application on March 15, following a similar move by its other Stabroek partner Exxon Mobil, Xu Yugao, CNOOC's board of directors secretary, told an earnings briefing late on Thursday. "We have a joint operating agreement with partners regarding the Stabroek [Read more]
Exxon ahead of schedule on doubling LNG portfolio, exec says
Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, the company's LNG chief said on Thursday. Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022. The oil major is relatively small in LNG trading compared to [Read more]
Alberta set to fully reinstate gas tax of 13 cents a litre after drop in oil prices
EDMONTON - Gas prices are set to rise in Alberta next month, with the provincial government fully reinstating its fuel tax following a drop in oil prices. Finance Minister Nate Horner says the fuel tax for gas and diesel will be 13 cents per litre starting April 1, an increase of four cents. Under the provincial Fuel Tax Relief Program, the tax can be paused or reinstated partially or in full, depending on oil prices. Fuel tax rates are adjusted quarterly based on the average price per [Read more]
Suncor Energy files annual disclosure documents
Calgary, Alberta--(Newsfile Corp. - March 21, 2024) - Suncor Energy (TSX: SU) (NYSE: SU) has filed its 2023 Annual Report, 2023 Annual Information Form and 2024 Management Proxy Circular. To view the company's annual disclosure documents, visit Suncor's profile on sedarplus.com or sec.gov or visit Suncor's website at suncor.com/financialreports. Shareholders may obtain a copy of Suncor's 2023 Annual Report free of charge by calling Investor Relations at 1-800-558-9071. Suncor Energy is [Read more]
Blacksteel Energy Inc. announces appointment of new Chief Executive Officer and Chief Operating Officer
Calgary, Alberta--(Newsfile Corp. - March 21, 2024) - Blacksteel Energy Inc. ("Blacksteel" or the "Corporation") announces that Mr. Duncan Nightingale has resigned as President, Chief Executive Officer, and Director of the Corporation for personal reasons. Blacksteel is pleased to announce that Arthur Madden, the Corporation's Chief Financial Officer, has agreed to assume the position of President and Chief Executive Officer of the Corporation and join the board of directors. In addition, the [Read more]
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