Welcome to the BOE Report’s Week in Review! Did you miss something this week? We’ve got you covered. Check out any BOE Intel articles that you missed, and catch up on our most read articles from the week. We have also included the top gainers and fallers in the energy markets this week among our BOE Intel coverage list. TOP 5 GAINERS/FALLERS THIS WEEK Top 5 Gainers Company Ticker 7 Day Return Ovintiv OVV.TO 5.49% Vermilion Energy VET.TO 5.47% Pine Cliff [Read more]
Headlines
US buys 3 million barrels for oil stockpile, announces plan for 3 milllion more
The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel. The DOE had announced the purchase plan in May as a step to refill the emergency stockpile after a record release following Russia's invasion of Ukraine last year. "These 3 million barrels are being purchased for an average price of about $73 per barrel, lower than the average [Read more]
US drillers cut oil and gas rigs for sixth week in a row – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 695 in the week to June 9, the lowest since April 2022. U.S. oil rigs rose one to 556 this week, while gas rigs fell two to 135, their lowest since March 2022. Data provider Enverus, [Read more]
US burns more natgas as wind power drops, Canadian wildfires cloud solar
U.S. power generators were forced to burn more natural gas to produce electricity this week than usual as the amount of wind power dropped and smoke from Canadian wildfires blocked output from solar panels, according to U.S. and regional power data. The amount of U.S. power generated by solar so far this week slid to just 4% of the total versus an average of 5% over the past month, according to federal energy data. Wind power also dropped to 5% of total generation so far this week versus a [Read more]
Canadian Rig Count Summary – Another week of increased activity
Canadian rig activity continues to increase after plateauing through much of April and May. The number of active drilling rigs sits at 153 as of June 9, a 24 rig increase compared to June 2. This increase was due in large part to more activity in Alberta, where rig activity grew by 19% compared to June 2 levels. Rig activity in Saskatchewan also picked up over the past week, increasing by 6 rigs. In contrast, the number of active rigs in BC has dropped by 1 since June 2. As of June 9, [Read more]
Keyera Provides Update on Alberta Wildfire Disruptions
CALGARY, AB, June 9, 2023 /CNW/ - Keyera Corp. (TSX: KEY) ("Keyera" or the "Company") is pleased to report the start-up of all six gas plants shut-in due to the Alberta wildfires. The impact of the outages on Keyera's second quarter Gathering and Processing segment operating margin is expected to be $13 million to $15 million. As a result of the disruption, the planned 10-day turnaround at the Wapiti gas plant, previously scheduled for the second quarter, has been deferred to the fourth [Read more]
Hammerhead Energy Inc. announces voting results on election of directors at annual and special meeting
CALGARY, Alberta, June 08, 2023 (GLOBE NEWSWIRE) -- Hammerhead Energy Inc. ("Hammerhead" or "HEI") (TSX: HHRS, HHRS.WT; NASDAQ: HHRS, HHRSW) is pleased to announce that on June 8, 2023, it held its annual and special meeting of shareholders. A total of 81,670,052 Class A common shares ("Common Shares"), representing approximately 89.77% of HEI's outstanding Common Shares, were represented in person or by proxy at the meeting. At the meeting, shareholders approved the election of eight (8) [Read more]
Cardinal Energy Ltd. announces monthly dividend for June and the release of our 2022 ESG Report
Calgary, Alberta--(Newsfile Corp. - June 8, 2023) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") confirms that our June dividend of $0.06 per common share will be paid on July 14, 2023 to shareholders of record on June 30, 2023. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. Cardinal has released our 2022 Environmental, Social and Governance ("ESG") [Read more]
US natgas futures slip after bigger-than-expected storage build
U.S. natural gas futures eased into a narrow range on Thursday after a government report showed a bigger-than-usual storage build last week, overshadowing support from forecasts for warmer weather. Front-month gas futures for July delivery on the New York Mercantile Exchange traded 2.6 cents lower, or 1.1%, to $2.30 per million British thermal units by 11:15 a.m. EDT. The contract traded at a high point for the day of $2.38 and a low of $2.28 per million British thermal units. The U.S. [Read more]
Well of the Week – On Commitment and Creekology
On Commitment: Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation) there is one elementary truth the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issue from the decision, raising in one's favor all manner of [Read more]
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