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]
BOE Intel Private Company Review – Pacific Canbriam Energy
After a holiday hiatus, we are back with another entry in our Private Company Review series. This article's focus is Pacific Canbriam Energy, a private producer operating in the BC Montney. The company's current form was created through Pacific Oil & Gas Limited's acquisition of Canbriam Energy Inc. in June 2019. It's also worth recalling that, prior to its acquisition by Pacific, Canbriam acquired all of Suncor's northeast British Columbia mineral land holdings in March 2018, in exchange [Read more]
November-December Licence Activity Review – A Very McMurray Christmas
Canadian licensing activity increased for the third month in a row. From November 13 to December 12, 1,004 licences were obtained. This represents an impressive 45.2% increase compared to the previous month, which saw companies obtain 691 new licences. This past month’s licences were spread across 93 unique licensees, representing an average of 10.8 licences per licensee. Overall, the month was dominated by oil sands producers with Cenovus, Suncor, CNRL and MEG Energy occupying the top 4 spots. [Read more]
Q3 2023 Earnings Season Report Card: Part 2 – BOE Intel
Following off of Part 1 of our Q3 2023 Earnings Season Report Card, which focused on production and financial metrics, we are looking at per-BOE indicators in Part 2. Shifts in commodity prices impacted Canadian producers in various ways this quarter, particularly for oil-weighted companies which benefitted from favourable macro trends. Cost inflation might even be in the process of subsiding, as we observed cost declines across categories in Q3. This analysis was made possible with BOE [Read more]
October-November Licence Activity Review – CNRL Runs The Show
Canadian licensing activity increased for the second month in a row. From October 13 to November 12, 691 licences were obtained. This represents an impressive 35.8% increase compared to the previous month, which saw companies obtain 509 new licences. This past month’s licences were spread across 89 unique licensees, representing an average of 7.8 licences per licensee. Using data from BOE Intel and Petro Ninja, we’ve identified a number of trends across the various producers and producing [Read more]