CALGARY, AB - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Corporation") reported its first quarter 2022 operational and financial results. "The first quarter was a record quarter for MEG from both an operational and financial perspective" said Derek Evans, President and Chief Executive Officer. "The team achieved record quarterly production, which together with strong benchmark pricing and low differentials drove record free cash flow in the quarter, setting us up to be able to accelerate [Read more]
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Gibson Energy announces 2022 first quarter results
CALGARY, AB - Gibson Energy Inc. announced today its financial and operating results for the three months ended March 31, 2022. "We are pleased to report a strong start to 2022 from both an operational and financial perspective, with the Infrastructure segment delivering another steady quarter, Marketing performance slightly above our outlook and the continued advancement of numerous discussions around the potential sanction of tankage, additional phases of the DRU and energy [Read more]
Suncor’s safety record in the spotlight as activist investor calls for change
CALGARY - Experts say Suncor Energy Inc.'s recent safety track record is concerning and indicates there is a broader managerial problem at the company. Activist investor Elliott Investment Management wrote a letter last week calling for changes to Suncor's board and a review of its executive leadership. Elliott said in its letter that Suncor must overhaul its safety culture. Since 2014, there have been 12 workplace deaths at Suncor sites, which Elliott said is more than all of the [Read more]
U.S. natgas futures boosted by outlook for warmer-than-usual weather
U.S. natural gas futures hit a two-week high on Monday on forecasts of warmer-than-usual weather in the next two weeks, which could increase cooling demand and keep storage injections lower than normal. U.S. front-month gas futures for June delivery was up 20.9 cents to $7.453 per million British thermal units at 12:11 p.m EDT (1611 GMT). Prices earlier hit a peak not seen since April 19 at $7.553 per mmBtu. "The fear for this market is we're going to flip a switch and go from winter, [Read more]
Oil falls on China growth concerns even as EU weighs Russia import ban
Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about slowing economic growth in China, the world's top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude. U.S. West Texas Intermediate (WTI) crude futures fell $3.27, or 3.24%, to $100.70 a barrel. Brent crude futures fell $3.10, or 2.90%, to $103.36 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on [Read more]
The importance of digital presence in the oil and gas industry and how leading companies are leveraging online tactics to drive more business
It’s no secret that the oil and gas industry has a history of lagging behind others in terms of embracing digital marketing and online tactics. But, after the events of the last two years, it’s become increasingly more important for businesses to begin adjusting their strategies to a more digital model. According to IBM, 80% of Business-to-Business buyers now expect the same buying experience as Business-to-Consumer customers. This means that regardless of industry, buyers want easy access to [Read more]
Saturn Oil & Gas Inc. reports record production in Q4 and year end 2021 results
Calgary, Alberta - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) ("Saturn" or the "Company") is pleased to report its financial and operating results for the three and twelve months ended December 31, 2021. "The fourth quarter of 2021 was an important milestone for Saturn as we initiated our first drilling program at our newly acquired Oxbow Asset," commented Justin Kaufmann, Senior Vice President Exploration. "Our inaugural Oxbow drilling program was highlighted with the top performing [Read more]
ROK Resources files financial results, reserve report, and management discussion & analysis
REGINA, SK - ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) has filed its Annual Financial Results, Reserve Report, and Management Discussion & Analysis for the year ended December 31, 2021. Financial Statements Highlights for the 2021 year include: In the 2021 year, the Company realized production volume of 64,554 boe, resulting in crude and natural gas sales of $3,436,882 and net operating income of $1,441,622 after royalties and operating expenses. This equates to an [Read more]
U.S. natural gas production growth wanes as need arises
U.S. natural gas production growth is waning at the same time many countries are looking for new suppliers to help break their dependence on Russian gas after Moscow's invasion of Ukraine. The United States is already the world's largest producer of natural gas. But the two mainstays of production - the Appalachian region and West Texas - are seeing growth slow, with companies blaming lack of adequate pipeline infrastructure, despite prices near 14-year highs. Since Moscow invaded Ukraine [Read more]
US oil trade group opposes bill allowing lawsuits against OPEC
A top U.S. oil and natural gas trade group has come out against the passage of a bill that would open the OPEC oil production group and countries working with it to lawsuits for collusion on boosting petroleum prices. The legislation could create unintended negative consequences for the U.S. oil and natural gas industry, while likely having limited impact on the market concerns that drive the bill, the American Petroleum Institute (API) said in a letter seen by Reuters on Monday and addressed [Read more]