CALGARY, Alberta- Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) provides a corporate update that includes the resumption of previously shut-in crude oil production. “As the global supply and demand picture continues to unfold, crude oil prices have strengthened from their lows in April and we are now starting to benefit from the steps we have taken. We have restarted approximately 80% of the previously announced shut-in volumes, which will have a positive impact on our adjusted funds flow. At [Read more]
Headlines
Oil slips below $40 on record U.S. inventories, COVID fears
Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. U.S. crude stocks rose 1.4 million barrels, the Energy Information Administration said on Wednesday. [EIA/S] This hit crude prices, although other details the EIA reported such as a fall in gasoline stocks as demand rose, lent limited support. “The report was another nail in the bulls’ [Read more]
Free Rein completes strategic joint venture partnership for new water disposal site in Golden Spike area
Calgary, AB - Free Rein Resources Ltd. (“Free Rein”), a private oil and gas exploration company with operations in Central Alberta, announces the completion of the Joint Venture Partnership with Nucor Environmental Solutions Ltd. (“NES”) to construct a water disposal site located between Devon and Spruce Grove in Alberta. NES will begin constructing the site June 2020, and will begin operations late July 2020. This site will commence with ‘Class II’ injection [Read more]
American oil firms slam brakes on return-to-work as virus cases soar
U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients. A record number of new illnesses in Texas this week spurred local officials to impose restrictions as new cases topped 5,000 on two days in a row. Intensive care unit (ICU) beds were 97% full at Houston's Texas Medical Center, which said it may soon move to surge ICU capacity assignments, [Read more]
Oil prices slides as U.S. crude stockpile growth heightens oversupply fears
Oil futures dropped on Wednesday, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply. U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.9%, to $39.60 a barrel. Brent crude was down 29 cents, or 0.7%, at $42.34 a barrel. U.S. crude inventories rose by a much bigger than expected 1.7 million barrels last week, according to industry group the American Petroleum Institute (API), well ahead of [Read more]
BP’s stranded Canadian, Angolan assets expose wider industry risks
When BP slashed its long-term oil price outlook last week, prospects in Canada and Angola were rendered worthless, company sources and analysts said, exposing broader risks the industry faces as the world pivots to low-carbon energy. The $17.5 billion write-down, part of Chief Executive Bernard Looney's drive to wean BP off fossil fuel, was the biggest the London-based company booked since the aftermath of the 2010 Deepwater Horizon disaster. BP lowered its long-term oil price outlook from [Read more]
XI Technologies: Lessons learned providing remote customer support
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. 15 Weeks ago, we left our offices for the weekend, not knowing that we wouldn’t be coming back for the unforeseen future. People were thrust into having to work in their home offices/dining rooms/wherever they could plug in a laptop [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jun. 22 Senior Internal Auditor (Term) PetroChina Canada Calgary Jun. 19 Lead, Operations Audit AltaGas Calgary Jun. 19 Temporary Senior Manager, Internal [Read more]
Column: Net zero moonshot – ripping the Canadian social fabric & designed to fail cynicism
This week, industry champions Peter Tertzakian and Jackie Forrest took on the daunting task of inviting meaningful discussion with the Honorable Seamus O’Regan, Minister of Natural Resources and Member of Parliament in the same Federal Government that has so doggedly obstructed, opposed, and over-regulated the Western Canadian Oil and Gas Industry for the last five years. It was a breath-taking exercise in restraint and civility in an attempt to truly communicate the urgency of the need for [Read more]
Alberta reinstating environmental monitoring in industry, oilpatch on July 15
EDMONTON - Alberta industries, including the oilpatch, will resume environmental monitoring and reporting in three weeks. The Alberta government and its energy regulator have each issued orders for reporting to resume on July 15. Testing and reporting had been suspended earlier this spring due to health and staffing concerns related to the COVID-19 pandemic. Environmental critics and the Opposition NDP had been demanding the government reinstate the monitoring, questioning why it was [Read more]