CALGARY - An oil and gas analyst says record low prices for oilsands crude could lead to up to 20 per cent of Canada's thermal bitumen production being shut down over the next few months. Analyst Matt Murphy of Tudor Pickering Holt & Co. says that would equate to about 340,000 barrels per day of the 1.7 million barrels produced each day by projects that use steam to pump the heavy, sticky oil from wells in northern Alberta. Western Canadian Select oil, a blend of bitumen and lighter [Read more]
Alberta Energy Regulator names senior Saskatchewan government official as CEO
EDMONTON - Alberta's energy regulator has named a new president and CEO. Laurie Pushor, Saskatchewan's deputy minister of energy and resources, is to take over the agency's top job April 15. The energy regulator is tasked with overseeing the development of the province's oil, gas and coal resources in an environmentally responsible way. Pushor takes over an agency in transition and an industry that is being crushed economically by the novel coronavirus and an oil price war between Saudi [Read more]
‘We did it right:’ COVID-19 scare at oilsands work camp tests businesses’ plans
CALGARY - A COVID-19 scare at an oilsands staff lodge north of Fort McMurray, Alta., last week tested the pandemic preparedness of one of the many businesses that house, feed and transport workers at resource extraction sites. Civeo Corp., which runs the Borealis Lodge by Suncor Energy's base mine, said Friday that a worker staying there was taken to hospital with novel-coronavirus-like symptoms. On Tuesday, it said the test was negative. Ian Robb, Canadian director of the hospitality [Read more]
Suncor cuts $1.5 billion from budget to cope with low oil prices, virus impact
CALGARY - Suncor Energy Inc. is cutting its 2020 capital spending budget by $1.5 billion or 26 per cent to a range between $3.9 billion and $4.5 billion. The Calgary-based producer and refiner is putting several projects on hold to deal with lower oil prices linked to a market share battle between Saudi Arabia and Russia, and lower demand for its retail fuel because of the COVID-19 pandemic. The shelved projects include a $1.4-billion plan announced in September to install two cogeneration [Read more]
Crude-by-rail shipments hit record high over 400,000 bpd in January
CALGARY - The Canada Energy Regulator says crude-by-rail exports reached a record high of 403,767 barrels per day in January, the first time they've surpassed 400,000 bpd. The surge in rail movements of oil beats by 10.6 per cent the previous record of 364,893 bpd set in December 2018. In December 2019, shipments totalled 347,000 bpd. The federal agency formerly known as the National Energy Board attributed the increase to two things: An Alberta government program to ease oil production [Read more]
More dividends chopped as energy firms address oil prices below US$30 per barrel
CALGARY - More energy industry dividends are being slashed as investors turn their backs on companies whose payouts are now unaffordable with oil prices plunging to less than US$30 per barrel. Shares in Calgary-based TORC Oil & Gas Ltd., which announced an 80 per cent cut in its dividend after markets closed Monday, bounced between 63 and 78 cents on Tuesday morning, a fraction of their 52-week high of $5.47 set in April of last year. AltaCorp Capital analyst Patrick O'Rourke says the [Read more]
Spring breakup slowdown offers needed pause for hard-hit drilling industry
CALGARY - It's a "glass half-full" way of looking at a crisis but as plunging oil prices cast a shadow over oil and gas companies in Western Canada, the drilling industry is already slowing down because of the weather. Each year in mid-March, melting snow and ice prompt local authorities to impose weight limits on roads to prevent damage caused by the movement of heavy equipment, such as drilling rigs, a season known as spring breakup. Rig owners lay off operating staff and use the break, [Read more]
Seven Generations and MEG Energy cutting capital spending plans for 2020
CALGARY - A pair of big names in Canada's oilpatch is cutting their capital spending plans in the wake of the sharp plunge in oil prices. Seven Generations Energy Ltd. is lowering its 2020 capital investment budget by $200 million or 18 per cent to $900 million. It says the reduction reflects a temporary deferral of planned activity that will allow it to high-grade drilling locations and improve efficiencies. Seven Generations's production for 2020 is expected to average between 185,000 [Read more]
Bonterra Energy suspends dividend due to volatility and weakness in markets
CALGARY - Bonterra Energy Corp. is suspending its dividend in the face of the volatility and weakness in global energy markets. The company says its focus remains on protecting the balance sheet, preserving the inherent value of its assets and retaining financial flexibility. Bonterra has been paying a monthly dividend of a penny per share. The decision came as Bonterra reported a profit of $21.9 million or 66 cents per share for 2019 compared with a profit of $7.2 million or 22 cents [Read more]
Enbridge moving May annual meeting online due to coronavirus concerns
CALGARY - Enbridge Inc. is moving its annual meeting in May online because of concerns about the spread of novel coronavirus. The Calgary-based energy company says the change for the May 5 event was made "out of an abundance of caution" and to mitigate risks to the health and safety of shareholders, employees and stakeholders. In a letter to shareholders contained in a regulatory filing, Enbridge says shareholders will have an opportunity to ask questions and vote on important matters [Read more]
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