Over the past 15 years, the Montney has solidified its position as Western Canada’s premier oil and gas play. The widespread adoption of horizontal drilling and multi-stage hydraulic fracturing around 2010 transformed it from a modest resource into a powerhouse, now producing over 2,000,000 boe/d. This output includes more than 10 BCF/d of natural gas volumes, complemented by substantial condensate, NGLs, and oil volumes, making the Montney the backbone of Canada’s ambitious LNG plans. Figure [Read more]
News
Heavy lifting begins as Suncor starts refurbishing decades-old upgrader components
CALGARY - Oilsands giant Suncor Energy Inc. has begun a three-month outage at one of its upgraders so it can begin to replace enormous components first installed almost six decades ago. The Calgary-based company is in the midst of a multi-year project to replace eight original coke drums dating back to 1967 at its Base Mine site north of Fort McMurray, Alta., with the goal of extending the upgrader's life by 30 years. The drums, weighing 270 tonnes and standing nearly 30 metres, are used [Read more]
Oil market ‘smile’ suggests Saudi Arabia’s output shift was well timed
The oil market appears to be telling Saudi Arabia that its shift to pumping more oil after five years of cutting output was well timed. The kingdom has in recent weeks pushed fellow OPEC+ members to produce more oil despite fears about an economic slowdown, a marked change in policy that helped oil prices settle at a four-year low on Monday. But despite OPEC+ agreeing to raise output by a cumulative near one million barrels per day (bpd) between April and June, the oil market is still [Read more]
Canada’s Suncor says it could cut 2026 capital spending if low oil prices persist
Canada's second-largest oil producer Suncor Energy said on Wednesday a recent cost-cutting campaign had set it up well to weather lower global oil prices, but did not rule out reducing capital spending next year if weaker economic conditions persist. CEO Rich Kruger told analysts on a conference call that Suncor has not changed its 2025 capital budget range of C$6.1 billion ($4.43 billion) to C$6.3 billion, and already planned to spend less - in the range of C$5.7 billion - next year. That [Read more]
International Petroleum Corporation Announces 2025 Annual General Meeting Voting Results
TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce the voting results from the Corporation’s 2025 Annual General Meeting of Shareholders held on May 7, 2025 in Calgary, Alberta. Number of Directors The number of Directors of the Corporation was set at eight. Votes For % For Votes Against % Against 62,055,815 99.98 10,847 0.02 Election of [Read more]
Topaz Energy Corp. announces results of its annual meeting of shareholders
CALGARY, AB, May 6, 2025 /CNW/ - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that its shareholders approved all resolutions at the annual meeting of shareholders of the Company held on May 6, 2025 (the "Meeting"). A report of voting results will be available on SEDAR+ at www.sedarplus.ca. The resolution to appoint the eight (8) nominees as directors of the Company was passed on a vote by poll and each of the directors received the following [Read more]
US crude inventories decline, jet fuel demand jumps, EIA says
U.S. crude stocks and distillate inventories fell last week, while jet fuel demand rose to a five-year high, the Energy Information Administration (EIA) said on Wednesday. Gasoline inventories rose, stoking concerns among analysts of weak demand ahead of a major driving holiday in the U.S. later this month. Crude inventories fell by 2 million barrels to 438.4 million barrels last week, the EIA said, compared with analysts' expectations in a Reuters poll for a 833,000-barrel draw. Crude [Read more]
Freeport LNG export plant in Texas on track to exit outage on Wed, LSEG data shows
U.S. liquefied natural gas (LNG) company Freeport LNG's export plant in Texas was on track to take in more natural gas on Wednesday after shutting on Tuesday, a sign the plant was exiting an outage, according to gas flow data from financial firm LSEG. Officials at Freeport LNG had no comment. In a report to Texas environmental regulators late on Tuesday, Freeport said the three liquefaction trains at the export plant shut Tuesday morning due to an incoming power feed interruption. Power [Read more]
Tamarack Valley Energy Achieves Record Quarterly Oil Production Driven by Clearwater Waterflood Success and Announces 2025 Investor Day
TSX: TVE CALGARY, AB, May 7, 2025 /CNW/ - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce its financial and operating results for the three months ended March 31, 2025. Selected financial and operating information should be read with Tamarack's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2025, which are available on SEDAR+ at www.sedarplus.ca and on [Read more]
Obsidian Energy Announces First Quarter 2025 Results
Closed $320 million divestiture of Pembina assets on April 7, 2025, with cash proceeds used to reduce debt level Completed first quarter program with 26 (24.4 net) operated wells rig released and 19 (17.9 net) operated wells brought on production Responded to the market environment by reducing our first half capital program to $165 - $170 million from $185 - $195 million Commenced drilling waterflood injector pilot at the Dawson 4-24 Pad Calgary, Alberta--(Newsfile Corp. - May 7, [Read more]
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