Canada brought in the military to help firefighting and recovery efforts in Alberta on Thursday after wildfires forced thousands to evacuate homes and prompted several oil and gas producers to shut operations in Canada's main crude-producing province. The armed forces were deployed after Ottawa approved Alberta's request for federal support to tackle the more-than 100 wildfires that ignited across the western Canadian province in the last week, Prime Minister Justin Trudeau said. The [Read more]
Headlines
Oil prices turn negative in U.S. trading amid debt talks
Oil prices erased earlier gains on Thursday during U.S. trading hours as a political standoff about the U.S. debt ceiling overshadowed a G7 finance leaders' meeting, raising jitters about a possible recession in the world's biggest oil consumer. U.S. West Texas Intermediate Crude futures dipped $1.11, or 1.53%, to $71.62. Brent crude was down $1.15, or 1.50%, to $75.44 a barrel. Both contracts are still on track for their first weekly percentage gain in four. The Bank of England raised its [Read more]
Everest Canada Resources Corp. – In Receivership
Seeking Offers to Purchase PricewaterhouseCoopers Inc., LIT in its capacity as Court appointed Receiver of Everest Canadian Resources Corp (“Everest”) is seeking offers for the purchase of Everest’s SAGD facility and reserves (“McKay Thermal Project”) located approximately 45 km north of Fort McMurray. For information regarding the sales process visit the Receiver’s website at: www.pwc.com/ca/everestcanadianresources or contact: PricewaterhouseCoopers Inc., LIT 3100, 111 – 5th Avenue [Read more]
Tidewater Midstream and Infrastructure Ltd. announces first quarter 2023 results and operational update
CALGARY, AB, May 11, 2023 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) has filed its interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the period ended March 31, 2023. FIRST-QUARTER 2023 HIGHLIGHTS Total midstream throughput volumes of 390 MMcf/day represent a 6% increase over the previous quarter. The Corporation's Pipestone natural gas plant ("Pipestone") processed record [Read more]
US natgas futures little changed ahead of federal storage report
U.S. natural gas futures were little changed on Thursday as the market waited for direction from a federal report expected to show a smaller-than-usual storage build last week when cold weather kept heating demand for the fuel high. Prices did not react to a bullish decline in output over the past few days or forecasts for higher demand over the next two weeks than previously expected. Analysts forecast U.S. utilities added 74 billion cubic feet (bcf) of gas into storage during the week [Read more]
Oil prices tick up on positive U.S. fuel demand data
Oil prices rose on Thursday, clawing back some of the previous day's losses, supported by fuel demand data from the United States, the world's top oil consumer. U.S. crude futures gained 48 cents, up 0.7%, to $73.04. Brent crude rose 52 cents, or 0.7%, to $76.93 a barrel. Both contracts were on track for their first weekly percentage gain in four. A sharper than expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels. U.S. gasoline [Read more]
Peyto reports strong Q1 2023 cash flow despite lower gas prices
CALGARY, Alberta - Peyto Exploration & Development Corp. ("Peyto" or the "Company") is pleased to report operating and financial results for the first quarter of 2023. A 71% operating margin1,2, combined with a 32% profit margin3 in the quarter delivered a return on capital employed ("ROCE"4) of 14% and return on equity ("ROE"4) of 17%, on a trailing 12-month basis. Additional highlights included: Strong Funds from Operations5 of $1.02/diluted share – Generated $180 million in funds [Read more]
Athabasca Oil announces 2023 first quarter results and execution on its return of capital commitment through inaugural share repurchases
CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its first quarter results showcasing operational momentum at its cornerstone Leismer asset, continued debt reduction and execution on its return of capital commitment through inaugural share repurchases. Athabasca is uniquely positioned as a low leveraged company generating significant Free Cash Flow through its low-decline, oil weighted asset base. Q1 2023 and Recent Corporate [Read more]
Tamarack Valley Energy announces first quarter 2023 financial results and provides operational update
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") is pleased to announce its financial and operating results for the three months ended March 31, 2023. Selected financial and operating information is outlined below and should be read with Tamarack's consolidated financial statements and related management's discussion and analysis (MD&A) for the three months ended March 31, 2023, which are available on SEDAR at www.sedar.com and on Tamarack's website at [Read more]
Freehold Royalties Ltd. announces results from annual meeting of shareholders
CALGARY, Alberta - Freehold Royalties Ltd. (TSX: FRU) (Freehold) announced today that all nominees listed in its notice of meeting and information circular dated March 22, 2023, were elected as directors of Freehold at its Annual Meeting of Shareholders (the Meeting) held today. In addition, all other matters considered at the Meeting were approved by Freehold's shareholders. The results of the votes on the director nominees are as follows: Nominee Votes For Votes [Read more]