Oil prices slipped on Wednesday, extending sharp losses from the previous session, even after a report showed that U.S. inventories fell last week, as the market took stock of weak U.S. data that raised fears of recession in the world's biggest economy. U.S. West Texas Intermediate crude fell 88 cents, or 1.14%, to $76.24. Brent crude fell $1.24, or 1.27%, to $79.84 a barrel. Brent drifted below $80 a barrel for the first time since March 31, just before the Organization of the Petroleum [Read more]
Headlines
Cenovus announces 2023 first-quarter results, dividend increase
CALGARY, Alberta, April 26, 2023 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered upstream production in the first quarter of 779,000 barrels of oil equivalent per day (BOE/d)1 and downstream throughput of 457,900 barrels per day (bbls/d). The company generated $1.4 billion in adjusted funds flow and cash used in operating activities was $286 million. First-quarter results reflect lower commodity prices, reduced production in the upstream business and lower operating [Read more]
XI Technologies: Alberta Gas Processing – A Summary
Alberta Gas Processing - A Summary Each week, XI Technologies uncovers trends and insights using our enhanced data and software focused on the WCSB. If you’d like Word to the Wise delivered directly to your inbox, subscribe here. Who Controls Gas Processing Capacity in Alberta? How well do you know gas processing infrastructure in Alberta? Take our brief quiz, and read below to find out more. In the province of Alberta, there are approximately 500 active gas processing plants, 12 [Read more]
Vopak and AltaGas form a new joint venture for large-scale LPG and bulk liquids export terminal in Prince Rupert
ROTTERDAM, The Netherlands, CALGARY, AB and PRINCE RUPERT, BC Royal Vopak ("Vopak") (XAMS: VPK) and AltaGas Ltd. ("AltaGas") (TSX: ALA) are pleased to announce the execution of definitive agreements for a new 50/50 joint venture to further evaluate development of the Ridley Island Energy Export Facility (REEF), a large-scale liquefied petroleum gas (LPG) and bulk liquids terminal with marine infrastructure on Ridley Island, British Columbia, Canada. REEF, as part of the previously [Read more]
Canada Energy Regulator says injury halts work on Trans Mountain expansion project
The Canada Energy Regulator said it was notified on Tuesday of a serious injury at a work site on the government-owned Trans Mountain oil pipeline expansion project near Chilliwack, British Columbia. The regulator said work has been stopped at the job site, and inspection officers and the Royal Canadian Mounted Police are attending. "Safety is always our top priority, including all workers and contractors on job sites," the CER said in a statement posted to its website. The Trans [Read more]
AltaGas reports strong first quarter 2023 results
CALGARY, AB, April 26, 2023 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) today reported first quarter 2023 financial results and provided an update on the Company's operations and other corporate developments. HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Normalized EPS1 was $0.98 in the first quarter of 2023 compared to $1.02 in the first quarter of 2022, while GAAP EPS2 was $1.58 in the first quarter of 2023 compared [Read more]
U.S. crude to dominate Brent oil benchmark under index change
Texas crude is set to assume a key role in the world's most important benchmark - Brent - as oil-index publisher S&P Global Platts adds U.S. WTI Midland crude to its dated Brent oil price assessment for June deliveries. Dated Brent is a part of the wider Brent complex including physical cargoes, swaps and the Intercontinental Exchange (ICE)futures contract. Brent is used to price over three-quarters of the world's traded oil. WTI Midland is the first crude from outside of the region to [Read more]
US natgas futures drop 5% to 1-week low on LNG feedgas decline
U.S. natural gas futures fell about 5% to a one-week low on Wednesday on rising output and a decline in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants in recent days. That price drop came despite forecasts for a little more cold and heating demand next week than previously expected and even as the amount of gas flowing to U.S. LNG export plants was still on track to hit a record high for a second month in a row after Freeport LNG's export plant in Texas exited an [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 25 Contract Operator Teine Energy Ltd. Drayton Valley Area Apr. 24 Executive Assistant Tundra Oil & Gas Ltd. Winnipeg Apr. 21 Remote Camp Cook Roska [Read more]
SW Alberta Oil Development Opportunity
A private oil and gas operator has a Mississippian Livingstone oil opportunity available for farm out or sale. The operator achieved economic success with open hole horizontal wells offsetting unproductive vertical wells. Two prospects have been identified containing a combined OOIP of 18 MM BO (P50). Independent reserve evaluation recognizes value from two abandoned vertical wells on the property that have produced over 129,000 Bbl. of oil from the Livingstone. The concept is to drill open hole [Read more]