Calgary, Alberta--(Newsfile Corp. - January 21, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") is pleased to announce our 2026 budget. 2026 BUDGET HIGHLIGHTS We are forecasting average annual production of 25,000 to 25,500 boe/d for 2026, which represents 15% growth from average volumes delivered in 2025, with Reford contributing to a full year of operations; Our 2026 capital budget of $75 million will be heavily weighted towards our conventional assets with only [Read more]
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US refineries brace for disruptions as Arctic blast hits
U.S. refineries are preparing for extreme cold weather as an unexpected Arctic blast rolls in, threatening to disrupt operations. A cold front will bring frigid temperatures to the eastern two-thirds of the country, the National Weather Service said on Wednesday, expecting sub-zero lows to spread from the Northern Plains to the Northeast by Sunday and reach the Gulf Coast by early next week. Most refineries are designed to operate between 32 and 95 degrees Fahrenheit (0 to 35 degrees [Read more]
US natgas futures soar 57% over two days as frigid weather boosts heating demand, freezes wells
U.S. natural gas futures soared to a six-week high on Wednesday, marking a record 57% rise over the past two trading sessions, on expectations that extreme cold weather will boost heating demand to near-record levels while also cutting output by freezing oil and gas wells. After soaring about 26% on Tuesday, front-month gas futures for February delivery on the New York Mercantile Exchange (NYMEX) jumped 96.8 cents, or 24.8%, to settle at $4.875 per million British thermal units (mmBtu) on [Read more]
Venezuelan PDVSA’s consolidated debt rose slightly to $34.58 billion in 2025
Venezuelan state oil company PDVSA's consolidated financial debt rose slightly to $34.58 billion last year from $34.46 billion in 2024, the company said in a release published on Wednesday in a local newspaper. Venezuela and its state companies including PDVSA have been blocked from the international financial system in the last decade since the U.S. began imposing sanctions on the country. The U.S. measures and Venezuela's payment delays also have triggered debt defaults that remain [Read more]
Venezuelan oil exports under supply deal with US progressing slowly -documents, data
The volume of Venezuelan oil exported under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and PDVSA documents showed, highlighting slow progress that has prevented the state oil company from fully reversing recent output cuts. Caracas and Washington earlier this month agreed a deal, following the U.S. capture of President Nicolas Maduro, to sell up to 50 million barrels of Venezuelan crude stored in tanks and aboard [Read more]
Saudi Arabia crude exports rise to 7.378 mln bpd in Nov
Saudi Arabia's crude oil exports in Nov rose to 7.378 million barrels per day from 7.098 million bpd in Oct, official data showed on Wednesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. (Reporting by Bengaluru Commodities Desk) [Read more]
ARC Resources potentially looking to acquire certain assets from Harvest Operations Corp. – StackDX Intel
It appears that ARC Resources is potentially looking to acquire assets from Harvest Operations Corp. and Deep Basin Partnership, according to a recent public filing. A merger review with the Canadian Competition Bureau was opened on January 15, 2026, listing the 3 parties. The outcome of the review is still listed as Ongoing. As with all Competition Bureau processes, no further details are provided, and the size or scope of a potential transaction is not provided. However, a little digging [Read more]
Wright tells oil executives that Venezuela’s output can rise 30%
U.S. Energy Secretary Chris Wright told oil company executives on Wednesday that Venezuela's output can rise 30% from its current level of 900,000 barrels per day in the short- to medium-term, three executives who attended the meeting said. Raising crude output from Venezuela, which sits on the world's largest oil reserves, is a top objective for U.S. President Donald Trump after U.S. forces seized Venezuela's leader Nicolas Maduro in a raid earlier this month. Wright's closed-door meeting [Read more]
Europe’s energy weak spot reemerges in Greenland dispute: Bousso
Spiralling trade tensions between the U.S. and Europe over President Donald Trump’s bid to buy Greenland have once again left the bloc highly vulnerable in a geopolitical tussle because of its heavy dependence on a single supplier for its critical energy needs. Less than four years ago, Europe’s economy was dealt a harsh blow in the wake of Russia’s full-scale invasion of Ukraine, as nations had to rapidly find alternatives to the abundant Russian natural gas they had relied on for decades. [Read more]
Global oil demand growth to rise in 2026, IEA says
The International Energy Agency revised its 2026 global oil demand growth forecasts higher on Wednesday in its latest monthly oil market report, suggesting a slightly narrower surplus for the market this year. The IEA now expects global oil demand to rise by 930,000 barrels per day (bpd) this year, up from the 860,000 bpd growth forecast in its previous report. That suggests global oil supply will exceed demand by 3.69 million bpd this year, according to Reuters calculations based on the [Read more]
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