XI Technologies: Expiring Land vs Drilling Activity Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Word to the Wise in your inbox, subscribe here. Last week in our Word to The Wise Expiring Land Report, we took a deeper dive into the expiring lands and bonuses for the next twelve months. By breaking down and assessing the [Read more]
Headlines
Morgan Stanley ups 2023 oil demand growth estimate by 36%, flags Russia risk
Morgan Stanley has raised its global oil demand growth estimate for this year by about 36%, citing growing momentum in China's reopening and a recovery in aviation, but flagged higher supply from Russia as an offseting factor. Global oil consumption is now expected to increase by about 1.9 million barrels per day (bpd), versus its previous 1.4 million bpd forecast, the bank said in a note dated Tuesday. "Mobility indicators for China, such as congestion, have been rising steadily," while [Read more]
U.S. natgas prices dip below $2/mmBtu for first time since Sept. 2020
U.S. natural gas futures extended their rapid retreat to briefly dip below $2 per million British thermal units (mmBtu) level for the first time since September 2020 in pre-market trading on Wednesday. Prices shed almost 9% to a near 29-month low on Tuesday on forecasts for milder weather and lower than expected heating demand next week. Front-month gas futures for March delivery on the New York Mercantile Exchange fell 8.4 cents, or 4.1% to $1.989 per million British thermal units (mmBtu) [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 Feb. 20 Technical Recruiter - Entry Level JSG Professional Services ULC, a Johnson Service Group Company Calgary Feb. 20 Senior Business Development Manager JSG [Read more]
Gibson Energy Announces 5% Dividend Increase and Declares Dividend
All financial figures are in Canadian dollars unless otherwise noted CALGARY, AB, Feb. 21, 2023 /CNW/ - Gibson Energy Inc. announced today that its Board of Directors has approved a quarterly dividend of $0.39 per common share, an increase of $0.02 per common share, which will be payable on April 17, 2023, to shareholders of record at the close of business on March 31, 2023. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, [Read more]
$20 million in hydrogen funding awarded by the Hydrogen Centre of Excellence
EDMONTON, Alberta - The Alberta Hydrogen Centre of Excellence (HCOE) is awarding $20M to 18 successful projects to advance innovations in hydrogen through its first funding competition. One of the successful projects is the proposed Bremner 100 per cent Hydrogen Community in Strathcona County, Alberta. Together, ATCO and Qualico are studying the logistics, technology requirements and other considerations involved in safely and affordably developing 100 per cent pure hydrogen communities – an [Read more]
Oil falls on fears over global economic slowdown
Oil prices fell on Tuesday, reversing the previous day's gain, as fears that a global economic slowdown, and drop in fuel demand, amid aggressive interest rate hikes by the U.S. central bank prompted investors to take profits. Traders are awaiting the minutes of the latest Federal Reserve meeting, due on Wednesday, as data on core inflation has raised the risk of interest rates remaining higher for longer. U.S. West Texas Intermediate crude (WTI) futures for March, which expire on Tuesday, [Read more]
U.S. natgas slides 7% to over two-year low on warmer weather outlook
U.S. natural gas futures dropped 7% to a near 29-month low on Tuesday, weighed down by forecasts for milder weather and lower heating demand next week than previously expected. Front-month gas futures for March delivery on the New York Mercantile Exchange (NYMEX) fell 16.0 cents, or 7%, to $2.12 per million British thermal units by 1508 a.m. EST (1404 GMT), their lowest level since September 2020. Data provider Refinitiv estimated 341 heating degree days (HDDs) over the next two weeks in [Read more]
Swinging oil prices will continue, and provinces like N.L. can gain
ST. JOHN'S, N.L. - As the COVID-19 pandemic sent oil prices plummeting to historic lows, emails obtained by The Canadian Press show Newfoundland and Labrador was quietly bracing for two of its offshore oilfields to be abandoned by their owners. And as the province watches those same companies this year report staggering profits, experts say fossil fuel-producing provinces like Newfoundland and Labrador should get used to the whiplash — and use it to better protect themselves. "We're going [Read more]
Suncor board announces Rich Kruger as new President and Chief Executive Officer
Calgary, Alberta - Suncor (TSX: SU) (NYSE: SU) today announced that its board of directors has unanimously selected Rich Kruger to be the company's next President and Chief Executive Officer, effective April 3, 2023. Mr. Kruger will also join the Suncor Board of Directors. The announcement follows a rigorous global search process conducted by a special committee of the Board. The committee undertook an extensive evaluation of a number of highly qualified candidates with the support of an [Read more]