U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers follow through on plans to cut spending on new drilling and completions.Drillers cut three oil rigs in the week to July 26, bringing the total count down to 776, the lowest since February 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 861 rigs operating during the same week a year ago.For the month, [Read more]
Headlines
Oil prices nudge up as geopolitical tensions counter sluggish demand
Oil prices edged higher on Friday on worries about Middle East tensions, offset by a flagging global economic growth outlook amid the U.S.-China trade war. U.S. West Texas Intermediate crude was 18 cents higher, or 0.3%, at $56.20 a barrel, after gaining 0.25% overnight. Brent crude futures were up 7 cents, or 0.1%, at $63.46 a barrel by 0457 GMT. They rose 0.3% in the previous session. "Growing challenges in the macroeconomic environment have kept bullish bets in check as risk [Read more]
U.S. natgas futures fall close to 3-year low as output rises
U.S. natural gas futures fell about 1% early Friday, nearing a three-year low, as rising gas output offset forecasts for higher cooling demand as weather heats up through mid August. On its second to last day as the front month, gas futures for August delivery on the New York Mercantile Exchange slid 4.1 cents, or 1.8%, to $2.203 per million British thermal units at 8:39 a.m. EDT (1239 GMT). That was within a few cents of its $2.185 close on June 20, its lowest settle since May [Read more]
TransAlta Responds to Continued Energy-Only Market in Alberta
CALGARY, July 25, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) today commented on the Government of Alberta's announcement that the energy-only market framework in Alberta will be maintained. The promise by the Government of Alberta to deliver a decision on market structure within 90 days was fulfilled, thereby reducing significant uncertainty for TransAlta in assessing investment decisions in the Alberta power generation market. The Company [Read more]
Suncor hopeful on deal with Alberta govt to boost oil production
Canada's Suncor Energy is hopeful the Alberta government will decide "in the next month or so" to strike a deal that would allow oil producers to boost their output despite ongoing curtailments, the company's chief executive said on Thursday. Alberta is Canada's energy heartland but crude production has been limited since the start of 2019 when the provincial government imposed curtailments to ease congestion on export pipelines that had pushed the discount on Canadian crude to record [Read more]
Enbridge says open to re-route Line 5 after legal action by Wisconsin tribe
Enbridge Inc on Thursday said it was open to working with the Bad River Band and will consider re-routing its Line 5 oil pipeline after the native American tribe in Wisconsin sued the company seeking to shut the pipeline. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in the Western District of Wisconsin, asking for the section of Line 5 that runs across its reservation to be decommissioned and removed because of the risk of a leak. "The vast majority of the [Read more]
Gear Energy: Provost area prospect summary
Gear Energy Ltd. is soliciting certain parties which may be interested in acquiring or farming in on certain lands in the Provost Area. The details of the opportunities are as follows: Target Formation(s): Sparky Formation Locations: Drill ready location (100/08-31-035-04W4M). In addition, Gear has mapped up to 25 follow up locations. Well Type: Horizontal [Read more]
Column: Pipeline protesters shouldn’t be funded by taxpayers
The next time you see pipeline protesters chaining themselves to a bulldozer, know that your taxes may have paid for their activism. The federal government has given $2.5 million of your money to the Canadian Centre for Policy Alternatives so it can “shine a bright light on the fossil fuel industry by investigating the ways corporate power is organized and exercised.” The University of Victoria also kicked in $730,000 into the project that lists about 100 people as advisors and [Read more]
Husky Energy Reports Second Quarter 2019 Results
This news release contains references to the non-GAAP financial measures “funds from operations”, “free cash flow”, “net debt”, “net debt to trailing funds from operations”, “operating margin”, “EBITDA” and “operating netback”. Please refer to “Non-GAAP measures” at the end of this news release. CALGARY, Alberta, July 25, 2019 (GLOBE NEWSWIRE) -- Husky Energy (TSX:HSE) generated funds from operations of $802 million in the second quarter, with net earnings of $370 million. Cash flow from [Read more]
Cenovus substantially achieves $7 billion near-term net debt target
Company generates over $830 million in second-quarter free funds flow CALGARY, Alberta, July 25, 2019 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) reduced net debt to $7.1 billion in the second quarter after generating over $830 million in free funds flow. The company’s excellent financial performance was driven by higher realized oil prices, which contributed to oil sands operating margin of more than $1.0 billion. “Through focused operations and disciplined capital [Read more]