Oil prices rose for a fifth day on Wednesday, supported by a drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time since the financial crisis more than a decade ago. Brent crude futures, the international benchmark for oil prices, were up 42 cents, or 0.6%, at $65.14 a barrel by 1105 GMT. U.S. West Texas Intermediate crude gained 40 cents, or 0.7%, to $58.45 a barrel. For the month, however, both contracts were [Read more]
Archives for July 2019
XI Technologies: Understanding the reclamation cost discrepancies between LLR and ARO
Today, let’s look at how well reclamation costs are typically the largest discrepancy between deemed liability values and ARO costs. Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. As discussed in last week’s post, the AER’s Licensee Liability Rating (LLR) Directive 011 deemed [Read more]
RSM Canada: Second quarterly report on economic and industry developments launched
RSM Canada ("RSM"), the leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its second edition of ‘The Real Economy, Canada’ – a quarterly report that provides Canadian businesses with economic analysis and insights into what is driving growth in Canada's middle market. RSM Canada’s second report of the year explores the potential impact that macro-level trends or large-scale projects such as the Trans Mountain Expansion Project, [Read more]
Encana Reports 2019 Second Quarter Financial and Operating Results
Second quarter 2019 highlights: Financial performance driven by strong liquids production and cost focus. Net earnings of $336 million, or $0.24/share, with non-GAAP operating earnings of $290 million, or $0.21/share. Cash from operating activities of $906 million with non-GAAP cash flow of $877 million, or $0.64/share. Non-GAAP free cash flow of $127 million. Increased forecast for annualized G&A and operating cost synergies to $175 million from original $125 [Read more]
Cardinal Energy Ltd. Announces Second Quarter 2019 Results and Normal Course Issuer Bid
CALGARY, Alberta, July 30, 2019 (GLOBE NEWSWIRE) -- (TSX: CJ) Cardinal Energy Ltd. ("Cardinal" or the "Company") is pleased to announce its operating and financial results for the quarter ended June 30, 2019 and that the Toronto Stock Exchange (the "TSX") has accepted the notice of Cardinal's intention to commence a normal course issuer bid (the "NCIB"). The Company's unaudited financial statements and management's discussion and analysis for the quarter ended June 30, 2019, will be available [Read more]
New Oil and Gas Jobs From BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jul. 29 Relief Gas Plant Operator Roska DBO Hinton Jul. 29 Maintenance Planner/Scheduler Brunel St. John's Jul. 29 Backfill/Mining [Read more]
MEG Energy announces record $195 million free cash flow, $285 million debt repayment and new 5-Year Credit Facility
MEG Energy Corp. (TSX:MEG, "MEG") reported its second quarter 2019 operational and financial results. Highlights include: Record free cash flow of $195 million and adjusted funds flow of $227 million ($0.76 per share) in the quarter. For the 6 months ended June 30, 2019 MEG generated free cash flow of $293 million; Bitumen production volumes of 97,288 barrels per day (bbls/d) at a steam-oil-ratio (SOR) of 2.16; Average AWB blend sales price net of transportation and storage costs [Read more]
TC Energy reaches agreement to sell Ontario natural gas-fired power plants for $2.87 billion
TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy) announced today that it has entered into an agreement through its wholly-owned subsidiary, TransCanada Energy Ltd., to sell interests in three Ontario natural gas-fired power plants to a subsidiary of Ontario Power Generation Inc., for approximately $2.87 billion. The facilities include the 683-megawatt Halton Hills power plant, the 900-megawatt Napanee generating station which is nearing completion and TC Energy’s 50 per cent interest in [Read more]
Oilsands production growth cut despite lower building costs in CERI forecast
CALGARY - Growth in oilsands production over the next 20 years is expected to be slower than previously forecast, despite falling project construction costs, according to a study update by the Canadian Energy Research Institute. Total oilsands output is expected to grow from about three million barrels per day in 2018 to between 4.1 million and 5.8 million bpd in 2039, based on low and high growth scenarios presented by the Calgary-based think-tank. In its reference or base case, [Read more]
Ministers set to discuss timing of carbon tax legal challenges during meeting
SASKATOON - Attorneys general from Alberta and Ontario say they will discuss the timeline of the different legal challenges launched against the federal carbon tax when they meet in Saskatoon today. The two justice ministers will be joined by their legal teams and their counterparts from New Brunswick and Saskatchewan. Saskatchewan is hosting the meeting to discuss the appeal to the Supreme Court of Canada. It argues a federally imposed carbon tax on consumers is [Read more]
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