BOE Report

Imperial provides corporate update, reduces spending by $1 billion

CALGARY, Alberta--(BUSINESS WIRE)--Imperial today provided an update on its operations and corporate guidance in response to the market conditions resulting from the COVID-19 pandemic and decreases in commodity prices. “The current COVID-19 pandemic, as well as business and commodity price environment, poses many challenges for our industry,” said Brad Corson, chairman, president and chief executive officer of Imperial. “Imperial’s integrated business model, high quality asset portfolio, and [Read more]

Chevron Announces Actions in Response to Market Conditions

Reduces 2020 capital spending plan by $4 billion, or 20% Permian production guidance reduced by 20% Suspends share repurchases Actions protect the dividend, prioritize long-term value, and support industry leading balance sheet SAN RAMON, Calif. - Chevron Corporation today announced several steps it is taking in response to market conditions. “With an industry leading balance sheet and a flexible capital program, we believe Chevron is resilient and positioned to withstand this [Read more]

Seven Generations Energy Reduces 2020 Capital Investment Plan in Response to Challenging Global Energy Prices

Revised fully funded budget proactively maintains the company’s balance sheet strength and corporate resilience at current futures pricing CALGARY, Alberta--(BUSINESS WIRE)--In response to the significant decline in global energy prices, Seven Generations has reduced its previously announced 2020 capital investment budget by 18%, or $200 million, to $900 million. Effective immediately, the company will meaningfully reduce its activity levels to align investments to expected cash [Read more]

Seven Generations Reports $353 Million of Funds Flow and $233 Million of Capital Investments in the Fourth Quarter Of 2019

CALGARY, Alberta - Seven Generations Energy Ltd. (TSX: VII): FOURTH QUARTER 2019 HIGHLIGHTS Net income per diluted share was $0.24 in the fourth quarter, and $1.36 for the full year, an increase of 12% over 2018 on a full year basis. Fourth quarter and full year 2019 funds flow was $353 million and $1.39 billion, respectively, with capital investments of $233 million for the fourth quarter and $1.23 billion for the full year. Free cash flow was $120 million in the fourth quarter and [Read more]

Baker Hughes Announces January 2020 Rig Counts

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HOUSTON & LONDON - Baker Hughes (NYSE: BKR) announced today that the Baker Hughes international rig count for January 2020 was 1,078, down 26 from the 1,104 counted in December 2019, and up 54 from the 1,024 counted in January 2019. The international offshore rig count for January 2020 was 245, down 12 from the 257 counted in December 2019, and up 3 from the 242 counted in January 2019. The average U.S. rig count for January 2020 was 791, down 13 from the 804 counted in December 2019, and [Read more]

Ambyint Secures $15 Million to Expand AI-Powered Production Optimization

HOUSTON--(BUSINESS WIRE)--Ambyint, the leader in AI-powered production and artificial lift optimization, today announced a $15 million Series B funding round led by Cottonwood Venture Partners with additional investment from Mercury Fund and Ambyint’s management team. Building on its successful adoption among oil and gas producers, Ambyint will extend its suite of optimization solutions across all wells and artificial lift systems and grow its Houston and Calgary offices.“Improving margin on [Read more]

ConocoPhillips Reports Fourth-Quarter and Full-Year 2019 Results; Announces Preliminary 2019 Year-End Reserves, Quarterly Dividend and Increase in Existing Share Repurchase Authorization to $25 Billion

HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share. Excluding special items, fourth-quarter 2019 adjusted earnings were $0.8 billion, or $0.76 per share, compared with fourth-quarter 2018 adjusted earnings of $1.3 billion, or $1.13 per share. Special items for the current quarter included primarily a non-cash impairment related to a [Read more]

Imperial declares first quarter 2020 dividend

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited today declared a quarterly dividend of 22 cents per share on the outstanding common shares of the company, payable on April 1, 2020, to shareholders of record at the close of business on March 5, 2020. This first quarter 2020 dividend compares with the fourth quarter 2019 dividend of 22 cents per share. Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. [Read more]

Imperial announces 2019 financial and operating results

CALGARY, Alberta - Imperial Oil Limited (TSX:IMO): Full-year earnings of $2,200 million; $4,429 million cash generated from operations Annual production of 398,000 gross oil-equivalent barrels per day, the highest in over 25 years Kearl supplemental crushing capacity online as planned Returned over $2 billion to shareholders in 2019 through share purchases and dividends Fourth quarter Twelve months millions of [Read more]

Cold Bore Technology Closes Deals & Installs SmartPAD Completions Technology with Two New Permian Fracking Operators

CALGARY, Alberta - Cold Bore Technology Inc. (“Cold Bore”), a leader in completion optimization technology, announced today that it had finalized new deals with two leading energy producers based in Western Texas’ Permian Basin and completed installation of its SmartPAD completions operating system. The contracts represent the latest in a growing number of SmartPAD installations with major operators across North American fields over the past 12 months. The SmartPAD is the industry’s first [Read more]