With a majority of Canadian producers having now announced their year end results, it's time for another BOE Intel Earnings Season Report Card. As usual, part 1 will focus on production and financial metrics, while part 2 will cover per-barrel metrics. Overall, Q4 was a bounce back quarter for many producers. Production of both liquids and natural gas were up in aggregate, with companies largely delivering on ambitious 2023 capital budgets. It was also a good quarter from a financial [Read more]
February-March Licence Activity Review – Keeping an eye on the Clearwater. Plus, Baytex begins licensing on its new farm-in acreage?
In a slow start to 2024, Canadian licensing declined for the third consecutive month. Between February 13 and March 12, 363 licences were obtained. This represents a noteworthy 42.7% decline compared to the previous month, which saw companies obtain 633 new licences. This past month’s licences were spread across 68 unique licensees, representing an average of 9.3 licences per licensee. Overall, licensing activity for the month was dominated once again by producers operating in the Montney. The [Read more]
2023 Reserves Announcement Review – BOE Intel
With many companies having now released their 2023 reserves announcements, we wanted to examine the Canadian producers showing the most movement. While changes in reserves are largely attributable to adjustments in commodity pricing expectations (reserves are, after all, based on hydrocarbon resources that are deemed "economic"), we've also seen numerous producers making significant acquisitions this past year. Perhaps more interesting, however, are the handful of producers who have delivered [Read more]
Kelt Exploration Wembley Asset Review – BOE Intel
Kelt Exploration is a mid-sized producer that generated over 32,300 BOE/d in Q4 2023 corporate production from assets in both Alberta and British Columbia. Predominantly a Montney producer, the company also has Charlie Lake light oil and cretaceous gas assets. This gives the company a varied production base with a significant liquids component (38% according to its 2023 estimate). In our view, Kelt's Wembley/Pipestone asset (referred to as Wembley through the article) is among its most [Read more]
Paramount Resources Willesden Green Asset Review – BOE Intel
Paramount Resources hasn't released a corporate presentation since November 2023, leaving some wondering what the latest changes at the company might be. We've already covered news of Paramount's joint venture with Woodside Energy group at Liard, and much will be illuminated when the company announces its year-end 2023 financial and operating results, but for now we wanted to narrow in on some developments that the company touched on in a January 2024 press release. The company's ~240,000 net [Read more]
Saskatchewan Lloydminster Field Review – BOE Intel
While flagship plays like the Montney, Duvernay and the Clearwater tend to garner most of the attention in the Canadian oil and gas industry, we've recently tracked some significant investments in a different section of the oil patch. The Lloydminster area has seen noteworthy activity from top producers both large and small; Lloydminster area thermal and heavy oil projects are key operational focuses for public companies from Cenovus and Strathcona to Lycos Energy, along with a healthy pool of [Read more]
January-February Licence Activity Review – The Spotlight Shines on the Duvernay
In a slow start to 2024, Canadian licensing declined for the second consecutive month. Between January 13 and February 12, 633 licences were obtained. This represents a 4.5% decline compared to the previous month, which saw companies obtain 663 new licences. This past month’s licences were spread across 88 unique licensees, representing an average of 7.2 licences per licensee. Overall, licensing activity for the month was dominated once again by producers operating in the Montney, particularly [Read more]
Highwood: Redux – BOE Intel
After over 2 years of lying (mostly) in wait, Highwood Asset Management is back on the map. Through a series of acquisitions that closed in August 2023, Highwood increased its corporate production from 95 BOE/d in Q2 2023 to 2,462 BOE/d in Q3 2023. Taking a longer term view, the company indicated in its Q3 2023 release that the acquisitions brought "~4,500+ boe/d (approximately 75% oil and natural gas liquids (“NGLs“)) of expected average production of the 12-month period commencing July 1, [Read more]
December-January Licence Activity Review – Tourmaline starting/finishing the year strong
Canadian licensing declined last month, putting an end to a streak of activity growth that began back in October. From December 13 to January 12, 663 licences were obtained. This represents a 33.9% decline compared to the previous month, which saw companies obtain 1,004 new licences. This past month’s licences were spread across 79 unique licensees, representing an average of 8.4 licences per licensee. Overall, the month was dominated by producers operating in the Montney, particularly in BC [Read more]
2024 Budget Release Review – BOE Intel
We're just over two weeks into 2024 and roughly half of Canada's public E&Ps have announced their budgets for the year. The order of the day with respect to capital spending? Change. Of the 29 companies we've assessed, only 13 have 2024 budgets that changed by less than 10% (upward or downward) compared to 2023. And in good news for the industry, only 3 companies forecast reduced spending in 2024 with the average company announcing a capital budget increase of 4.4% in 2024. Interestingly, [Read more]
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