The new year has begun, and there are plenty of unknowns across the oil & gas industry: OPEC+ supply uncertainty (again), Chinese oil demand worries (again), sticky inflation (also again), and other market influencing events will surely surprise through 2025 (NOTE: tariff concerns have already flared up materially since we started writing this article). Having said that, we can provide some clarity around what Canadian producers expect for the year ahead. Many E&Ps both large and small [Read more]
Q2 2024 Earnings Season Report Card Part 2 – BOE Intel
With just over a week remaining in Q3, there's no better time to wrap up our Q2 2024 Earnings Season Report Card (see part 1 here). With respect to per-barrel metrics, the big story this quarter was realized pricing. Specifically, a divergence between oil (which appreciated notably) and gas (which declined notably). Canadian producers reported an overall improvement in realized pricing in the second quarter, however, likely a result of the large number of oil-weighted producers in the industry. [Read more]
Q2 2024 Earnings Season Report Card – BOE Intel
With the majority of Canadian producers having now reported their second quarter results, the time has come for another BOE Intel Earnings Season Report Card. The major story in the second quarter was natural gas pricing, which dropped precipitously; average natural gas pricing in Q2 was the lowest we've seen since Q3 2019. But before diving too deep into realized pricing, which we'll save for part 2, we wanted to review production and financial indicators. While individual results varied, [Read more]
ARC Resources Sunrise Asset Review – BOE Intel
For the next entry in our Asset Review series, we're returning to the BC Montney for a look at a single piece of a much larger E&P puzzle. This time around, we're focusing on the Sunrise asset of one of the play's top producers: ARC Resources. With a reported corporate production in the area of 59,000 BOE/d, this asset is a major contributor to the company's overall output of around 355,000 BOE/d. While ARC views its Attachie asset as a potential successor to its condensate-rich Kakwa [Read more]
May-June Licence Activity Review – Feeling (20)19 Again?
Canadian licensing activity fell slightly last month. Between May 13 and June 12, 580 licences were obtained. This represents a modest 6.9% decrease compared to the previous month, which saw companies obtain 623 new licences. This past month’s licences were spread across 81 unique licensees, representing an average of 7.2 licences per licensee. The Montney was the runaway favourite producing formation once again this month, accounting for around 23.0% of all licensing. Our most interesting [Read more]
Petronas West Gundy Asset Review – BOE Intel
When you think of major Montney producers, a few names likely come to mind: Tourmaline, Shell, ARC Resources and so on. With today's Asset Review article, we wanted to focus on a multinational energy company operating one of the largest joint ventures in the BC Montney: Petronas. In particular, we wanted to narrow in on the company's contiguous rights position at the southwest corner of its asset base, which is concentrated northwest of Fort St. John, BC. A relatively small portion of the [Read more]
Spartan Delta → Logan Energy – BOE Intel
We're visiting Spartan Delta's 2023 repositioning once again. Having covered the company's sale of its Karr and Gold Creek assets to Crescent Point in a previous article, in this article we will be focusing on Logan Energy. Formed as a spin-off company in the transaction, Logan Energy is a Montney pure-play producer with around 7,000 BOE/d in gas-weighted Q1 2024 corporate production. With a mix of producing and non-producing assets and significant growth potential in one of Canada's premier [Read more]
Q1 2024 Earnings Season Report Card – Part 2
With Part 1 having been out for a few days (and a few more companies having now reported their Q1 results), we've prepared Part 2 of our Earnings Season Report Card for Q1 2024. As usual, Part 2 focuses on per-barrel indicators for Canadian producers. Realized pricing was down overall from January through March 2024, but that hides a much more complex story that saw benchmark oil prices increase amid stagnating natural gas and condensate pricing. Operating and transportation costs were both up [Read more]
Q1 2024 Earnings Season Report Card – Part 1
With the majority of the companies in our dataset having now reported their Q1 2024 financial and operating results, it's time for another entry in our Earnings Season Report Card series. The first quarter saw oil prices trend up gradually, although aggregate realized pricing was depressed compared to Q4 2023. Natural gas and NGLs trended in opposite directions, with natural gas prices declining and NGL pricing improving very slightly relative to the previous quarter. We believe this likely [Read more]
April-May Licence Activity Review – Another big month in the Montney
After a slow start to 2024, Canadian licensing activity has increased for the second month in a row. Between April 13 and May 12, 623 licences were obtained. This represents a noteworthy 45.6% increase compared to the previous month, which saw companies obtain 428 new licences. This past month’s licences were spread across 69 unique licensees, representing an average of 9.0 licences per licensee. Overall, licensing activity for the month was split fairly evenly between oil- and gas-weighted [Read more]
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