U.S. energy firms added the most oil rigs in a week since April as the total rig count more than doubled from a record low a year ago amid a recovery in crude prices. The combined oil and gas rig count, an early indicator of future output, was up for the second week in a row, increasing nine to 500 in the week to Aug. 13, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count was up 256 rigs, or 105%, from a [Read more]
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Oil steadies as Delta variant stalls demand recovery
Oil prices bounced back on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions. U.S. West Texas Intermediate (WTI) crude rose 6 cents, or 0.09%, at $68.95 a barrel, after falling 0.2% on Thursday. Brent crude was down 5 cents, or 0.07%, at $71.11 a barrel, after dropping 13 cents in the previous session. The benchmarks are still heading for [Read more]
Exxon, Chevron look to make renewable fuels without costly refinery upgrades – sources
U.S. oil major Exxon Mobil Corp, along with Chevron Corp, is seeking to bulk up in the burgeoning renewable fuels space by finding ways to make such products at existing facilities, sources familiar with the efforts said. The two largest U.S. oil companies want to produce sustainable fuels without ponying up billions of dollars that some refineries are spending to reconfigure operations to make such products. Renewable fuels account for 5% of U.S. fuel consumption, but are poised to grow as [Read more]
OPEC+ supply boost unlikely despite call from U.S. for more oil, says Goldman
U.S. investment bank Goldman Sachs said a recent call by the United States to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given the threat to demand from the coronavirus Delta variant. U.S. President Joe Biden's administration on Wednesday urged the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to boost output to tackle rising gasoline prices that they see as a threat to the global economic recovery. "We [Read more]
Razor Energy Corp. Announces Closing of Strategic Light Oil Consolidation Acquisition in Swan Hills, and FutEra Power Corp. Adoption of a Stock Option Plan
CALGARY, Alberta, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) is pleased to announce that it has closed its acquisition of certain non-operated working interest assets in its Swan Hills, Alberta core region (the “Assets”) for a total purchase price of $5 million cash, subject to certain closing adjustments (the “Acquisition”) as previously announced in its August 4, 2021 press release. The Acquisition was funded by Arena Investors, LP (“Arena”) [Read more]
Perpetual Energy Inc. Reports Second Quarter 2021 Financial and Operating Results and 2021 Outlook
CALGARY, AB, Aug. 12, 2021 /CNW/ - (TSX: PMT) – Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to release its second quarter 2021 financial and operating results. Select financial and operational information is outlined below, and should be read in conjunction with Perpetual's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2021, which are available through [Read more]
Heavy crude discount narrows
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Thursday. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $13 per barrel below the WTI benchmark, according to NE2 Canada Inc, narrower than Wednesday's settlement of $13.40 per barrel below U.S. crude futures. Strong U.S. refining demand and expectations that Enbridge Inc's Line 3 replacement will enter service in October are narrowing differentials, trading [Read more]
Tidewater Midstream announces upsizing of Tidewater Renewables’ initial public offering to $150 million
CALGARY, AB - Tidewater Midstream and Infrastructure Ltd. ("Tidewater Midstream") (TSX: TWM) and its subsidiary, Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Company"), is pleased to announce the pricing of the upsized Tidewater Renewables initial public offering of 10,000,000 common shares of the Company ("Common Shares") at a price of $15.00 per Common Share for aggregate gross proceeds to the Company of $150,000,000 (the "Offering"). The Offering was upsized from an initial size [Read more]
PM Trudeau planning snap election, seeks approval for COVID response
OTTAWA, Aug 12 (Reuters) - Canadian Prime Minister Justin Trudeau is planning a snap election for Sept. 20 to seek voter approval for the government's costly plans to combat COVID-19, four sources familiar with the matter said on Thursday. Trudeau is set to make the announcement on Sunday, said the sources, who requested anonymity given the sensitivity of the situation. Trudeau aides have said for months that the ruling Liberals would push for a vote before the end of 2021, two years ahead of [Read more]
Storm Resources Ltd. (“Storm” or the “Company”) is pleased to announce its financial and operating results for the three and six months ended June 30, 2021
Calgary, Alberta - Storm Resources Ltd. (TSX: SRX) Storm has also filed its unaudited condensed interim consolidated financial statements as at June 30, 2021 and for the three and six months then ended along with Management's Discussion and Analysis ("MD&A") for the same period. This information appears on SEDAR at www.sedar.com and on Storm's website at www.stormresourcesltd.com. Selected financial and operating information for the three and six months ended June 30, 2021 appears below [Read more]