MOSCOW (AP) — Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly adhere to the ‘price ceiling,’” Deputy Prime Minister Alexander Novak said in remarks carried by Russian news agencies. “In connection with that, Russia will voluntarily cut [Read more]
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Enbridge files 2022 year end disclosure documents
CALGARY, AB - Enbridge Inc. (TSX: ENB) (NYSE: ENB) has filed its Form 10-K for the year ended December 31, 2022, with the United States Securities and Exchange Commission. Enbridge has also filed its audited Consolidated Financial Statements and related Management's Discussion and Analysis for the year ended December 31, 2022, with Canadian securities regulatory authorities. Copies of these documents are available electronically at www.sec.gov (U.S. filings) or www.sedar.com (Canadian [Read more]
Western Canada Select discount narrows further
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Thursday. WCS for March delivery in Hardisty, Alberta, traded between $19.00 and $18.50 a barrel under WTI, according to brokerage CalRock, having settled on Wednesday at $19.00 a barrel under the U.S. benchmark. Canadian heavy crude has been steadily narrowing this year and is expected to strengthen further ahead of a new refinery in Mexico starting up in July and the Trans Mountain [Read more]
Crew Energy Announces 2022 Reserves With Continued Growth in Proved Developed Producing Reserves and Production While Materially Reducing Debt and Provides an Operations Update
CALGARY, Alberta, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX: CR; OTCQB: CWEGF) ("Crew" or the "Company"), a growth-oriented natural gas weighted producer operating in the world-class Montney play in northeast British Columbia (“NE BC”), is pleased to provide highlights from our year-end independent corporate reserves evaluation prepared by Sproule Associates Ltd. (“Sproule”) with an effective date of December 31, 2022 (the “Sproule Report”), along with an operations update. The [Read more]
ARC Resources Ltd. reports record year-end results and reserves
CALGARY, AB - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") today reported its fourth quarter and year-end 2022 financial and operational results as well as its year-end 2022 reserves. ARC generated record production and funds from operations per share in the fourth quarter of 2022. In 2022, annual average production, net income, funds from operations, and free funds flow were the highest of any year in ARC's 26-year history. HIGHLIGHTS Fourth Quarter 2022 Results ARC [Read more]
As natural gas prices tumble, new worries for U.S. shale patch
A 46% drop in natural gas prices this year is rippling across the U.S. shale patch, threatening to slow drilling and chill deal-making in a move unthinkable six months ago as global demand soared. Analysts are chopping their outlook for gas prices this year, and for production and earnings. The drop has also put a cloud over merger and acquisition activity, analysts said. Such moves were unfathomable six months ago as Russia reduced its gas flows to Europe and U.S. gas became a hot commodity. [Read more]
U.S. natgas up 3% on rising LNG exports, big storage withdrawal
U.S. natural gas futures gained about 3% on Thursday after dropping to a 25-month low in the prior session on rising LNG exports, forecasts for slightly colder weather over the next two weeks than previously expected and a bigger than expected weekly storage draw. The U.S. Energy Information Administration (EIA) said utilities pulled 217 bcf (billion cubic feet) of gas from storage during the week ended Feb. 3. That was more than the 195 bcf analysts forecast in a Reuters poll and compares [Read more]
Coastal Resources Limited: Property Divestiture – Farrow & Red Rock, Alberta
Coastal Resources Limited (“Coastal” or the “Company”) has engaged Sayer Energy Advisors to assist it with the sale of its non-operated working interests located in the Greater Farrow and Red Rock areas of Alberta (the “Properties”). Preference will be given to offers to acquire all of the Properties in one transaction; however, offers may be considered for individual properties. In the Greater Farrow area, Coastal has various non-operated working interests in the Arrowwood, Brant, Farrow, [Read more]
Carbon capture too expensive, takes too long to build
CALGARY - By betting it can solve its emissions problem with carbon capture and storage, Canada's oil and gas industry risks saddling itself with expensive stranded assets, a new report argues. The report, released Thursday by the International Institute for Sustainable Development — a Winnipeg-based think-tank that focuses on climate and sustainable resource development — concludes carbon capture and storage technology costs too much and takes too long to build to have any hope of helping [Read more]
Well of the Week – Lithium Rising
The world has changed. I see it in the water. I feel it in the Earth. J. R. R. Tolkien One sign we are entering a New Golden Age of Carbonates is the growing realization that this massive carbonate pore space resource can produce more than oil and gas. A case in point is the goal of extracting lithium from Devonian formation waters. This application has the potential to provide the feedstock to build the batteries which will in turn store the electricity to power the energy [Read more]