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]
Headlines
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]
Oil prices steady amid signs of demand coming back after coronavirus
Oil prices were steady on Tuesday, holding onto the previous session's gains, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts. U.S. oil was up 8 cents at $40.81 a barrel, having risen 1.8% in the previous session. Brent crude was up 6 cents at $43.14 a barrel at 0046 GMT, after gaining 2.1% on Monday. "We're starting to see the green shoots of recovery," Exxon Mobil Australia Chairman [Read more]
Crescent Point releases 2020 sustainability report
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) has released its 2020 Sustainability Report (the "Report") highlighted by an emissions intensity reduction target of 30 percent by 2025. The Report outlines the Company's latest progress and commitment to strong environmental, social and governance ("ESG") performance. Additional highlights of the Report include: An effective risk-management response to the COVID-19 pandemic, [Read more]
Toscana Energy enters into an arrangement agreement with i3 Energy Plc
CALGARY, Alberta - Toscana Energy Income Corporation (Toscana or the Company) (TSX: TEI) is pleased to announce that i3 Energy plc (i3 Energy), an AIM-listed oil and gas company with assets and operations in the United Kingdom, has elected to exercise the option granted under the previously announced option agreement dated March 29, 2020 between i3 Energy and Toscana, and pursuant thereto, the Company has entered into an arrangement agreement (the Arrangement Agreement) with i3 Energy under [Read more]