MONTREAL - New Brunswick Premier Blaine Higgs remained optimistic Friday that, someday, a pipeline would be built to bring western crude oil to ports in his region for transport overseas. But the Quebec premier tried his best to kill that dream. While the prime minister and Canada's premiers found common ground on issues such as trade during their meeting in Montreal, they were confronted with the harsh reality that Quebec will not accept a pipeline. "I understand that Alberta and the other [Read more]
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B.C. halts northeast hydraulic fracturing operations while it investigates earthquakes
CALGARY - The BC Oil and Gas Commission is shutting down oilfield fracing operations in a 72-square-kilometre area in the northeast part of the province for at least 30 days while it investigates earthquakes that occurred there on Nov. 29. The seismic events measuring between 3.4 and 4.5 magnitude took place near hydraulic fracturing operations being conducted about 20 kilometres southeast of Fort St. John by Canadian Natural Resources Ltd. The Calgary-based company was the only operator [Read more]
U.S. oil drillers cut most rigs since May 2016
U.S. drillers this week cut oil rigs by the most in over two year even as record production has turned the United States into a net oil exporter for the first time in history. Drillers cut 10 oil rigs in the week to Dec. 7, the biggest weekly decline since May 2016, bringing the total count down to 877, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The United States last week exported more crude and refined products than it imported [Read more]
Canada Weekly Rig Count Down 13 to 186
Western Canada’s fleet of drilling rigs decreased to a total of 186 according to data collected by Baker Hughes for the week of December 7th. From last Friday, Alberta rig counts went down 8 to 128. Saskatchewan's rig count decreased from 37 to 32. Oil drilling went from 1119 to 102; natural gas rigs went increased 4 to 84. View a full breakdown of western Canada’s rig activity. [Read more]
Oil producers join forces and cut production again
VIENNA - Oil prices spiked sharply higher Friday as major oil producers, including the OPEC cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Following two days of meetings, the Organization of the Petroleum Exporting Countries that includes the likes of Saudi Arabia and Iraq said they would cut 800,000 barrels per day for six months from January, though some countries such as Iran, which is facing wide-ranging sanctions from the United States, [Read more]
Junior oil firms cutting dividends, output as prices remain ’embarrassingly low’
CALGARY - A pair of junior Calgary oil companies are cutting payouts to shareholders and reducing production because of current steep discounts on western Canadian oil prices. Both Cardinal Energy Ltd. and Granite Oil Corp. say they can't afford to wait and see if production cuts imposed by the Alberta government starting Jan. 1 will work to drain a glut of oil and thus allow prices to recover. Cardinal shares fell by more than six per cent in early trading on the Toronto Stock [Read more]
Bellatrix Announces Planned Timing of Its 2019 Guidance Release, Market Diversification Benefits, Debt Refinancing Update and Publication of Its Annual Corporate Responsibility Report
CALGARY, Alberta, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces the planned timing of its 2019 capital budget and guidance release, reiterates its commodity price risk management protection and market diversification exposure, provides an update regarding its ongoing debt refinancing efforts, and the publication of its annual corporate responsibility report. 2019 Capital Budget and Guidance Timing Bellatrix plans to [Read more]
Baker Hughes, a GE company Announces November 2018 Rig Counts
HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for November 2018 was 991, down 26 from the 1,017 counted in October 2018, and up 49 from the 942 counted in November 2017. The international offshore rig count for November 2018 was 206, down 1 from the 207 counted in October 2018, and up 23 from the 183 counted in November 2017. The average U.S. rig count for November 2018 was 1,077, up 15 from the [Read more]
First ministers’ meeting likely to be most fractious, least productive for PM
MONTREAL - By the time he wraps up his day-long talk fest with provincial and territorial leaders, Prime Minister Justin Trudeau may well rue the day he promised to hold first ministers' meetings annually. Friday's closed-door gathering is Trudeau's fourth summit with premiers and promises to be the most turbulent — and likely the least productive. Gone are the days when he was surrounded by friendly provincial Liberal allies. Now, he's facing a phalanx of conservative premiers who are [Read more]
Granite Oil Corp. Provides Dividend Update
CALGARY, Alberta, Dec. 06, 2018 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX: GXO) (OTCQX: GXOCF) provides an update to its dividend policy. From September 2018, the Canadian energy sector has faced unprecedented discounts for its crude products that have had major impacts on the industry, the province and the country. These discounts are a result of crude inventory builds related to American refinery maintenance shutdowns and Canada’s lack of access to international [Read more]