More than 80% of oil production in the Gulf of Mexico remains shut in after Hurricane Ida, a U.S. regulator said on Monday, more than a week after the storm made landfall and hit critical infrastructure in the region. Energy companies have been struggling to resume production after Ida damaged platforms and caused onshore power outages. About 1.5 million barrels per day of oil production, or 84%, remains shut, while another 1.8 billion cubic feet per day of natural gas output, or 81%, was [Read more]
Headlines
Rubellite Energy Inc. provides capitalization, governance and operations update and 2022 guidance
CALGARY, AB – Rubellite Energy Inc. ("Rubellite" or the "Company"), a pure play Clearwater oil exploration and development company, is pleased to provide a capitalization, governance and operations update and release 2022 guidance following the completion on September 3, 2021 of the plan of arrangement (the "Plan of Arrangement") involving Perpetual Energy Inc. ("Perpetual"), Rubellite and the shareholders of Perpetual. Capitalization Update The common shares ("Common Shares") and warrants [Read more]
Enbridge advances U.S. Gulf Coast strategy with acquisition of North America’s premier crude export facility
CALGARY, AB, and INGLESIDE, Texas - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today announced that it has entered into a definitive purchase agreement with EnCap Flatrock Midstream to acquire Moda Midstream Operating, LLC (Moda) for U.S. $3.0 billion in cash, subject to closing adjustments. The acquisition will significantly advance the Company's U.S. Gulf Coast export strategy and connectivity to low-cost and long-lived reserves in the Permian and Eagle Ford basins. The [Read more]
Canada’s weekly rig count at 153
Canada averaged 153 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 28% are drilling for natural gas, 58% are drilling for oil, 3% for other (helium, hydrogen, geothermal, or potash), and 11% are moving. Drilling activity by province is 67% in Alberta, 17% in Saskatchewan, 11% in BC, and 5% elsewhere. Precision Drilling holds the majority of the Canadian market share with 33%, Ensign Drilling with 27%, Savanna Drilling [Read more]
Petrus provides transaction update
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce that, further to its news release dated August 30, 2021 with respect to its intention to complete a series of transactions (the “Transactions”) that will reduce the Company’s total debt by approximately $49 million through the issuance of $25.8 million of Petrus shares at $0.55 per share and extend the maturity date of the Company’s senior secured credit facility (the "First Lien Loan"), the [Read more]
Perpetual Energy Inc. and Rubellite Energy Inc. announce completion of Plan of Arrangement
CALGARY, AB – Perpetual Energy Inc. ("Perpetual" or the "Company") and Rubellite Energy Inc. ("Rubellite") are pleased to announce that the previously announced Plan of Arrangement under the Business Corporations Act (Alberta) (the "Plan of Arrangement") involving Perpetual, the shareholders of Perpetual, and Rubellite was completed on September 3, 2021 (the "Effective Date"). The completion of the Plan of Arrangement followed the overwhelming support of the Plan of Arrangement by the [Read more]
U.S. oil rig count falls the most since June 2020
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in five weeks, with the oil rig count alone falling the most since June 2020 after Hurricane Ida hit the United States. The combined oil and gas rig count, an early indicator of future output, fell by 11 to 497 in the week to Sept. 3, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite this week's decline, the total rig count was still up 241 rigs, or [Read more]
Oil steadies ahead of U.S. jobs report, more gains eyed
Oil prices marked time in Asia on Friday after a strong rise in the previous session on a weaker dollar and a fall in U.S. crude stocks and were set for modest weekly gains ahead of a highly anticipated U.S. monthly jobs report. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.25%, at $69.92 a barrel. Brent crude futures were up 35 cents, or 0.48% to $73.15 a barrel. Both benchmark oil contracts jumped 2% on Thursday, putting WTI on track to climb 1.6% for the week, [Read more]
Insurers could face $1 billion hit from Hurricane Ida damage to offshore rigs
Insurers are bracing for a hit of about $1 billion from physical damage to offshore rigs and structures from Hurricane Ida, according to preliminary estimates from U.S. property data and analytics company CoreLogic. The estimate did not include losses from production disruption and could be revised over time, a spokesperson for CoreLogic said. The volume of oil shut in by the hurricane in the Gulf of Mexico rose to 1.7 million barrels per day of offshore output, up 240,000 barrels from [Read more]
Uneven recovery for U.S. offshore energy production after Ida
U.S. Gulf Coast energy companies on Friday advanced the recovery from Hurricane Ida on a few fronts, but slipped elsewhere as lack of crews, power and fuel reversed earlier production gains. Ports were reopening and some pipelines restarted as companies completed post-storm evaluations. However, larger hurdles remained for producers and refiners that struggled to get up and running. The White House sought to ease fuel shortages in the region, authorizing the release of 1.5 million barrels [Read more]