CALGARY - Shareholders in Encana Corp. have voted overwhelmingly in favour of the oil and gas company moving its headquarters to Denver from Calgary and changing its name to Ovintiv Inc. CEO Doug Suttles says the 90 per cent vote in favour of the resolution shows clear support for the long-standing Canadian company’s decision to move its corporate home south of the border, despite public criticism from Encana founder Gwyn Morgan and shareholder Letko, Brosseau & Associates Inc. Encana [Read more]
Headlines
Heavy discount widens with congested transport, big stocks
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Tuesday, as congested transport and high inventories weakened prices. Many western Canadian grades have seen weakening prices, with crude by rail movement seeming to flatten in recent weeks, and storage levels remaining elevated, said Matt Murphy, analyst of upstream and integrateds for Tudor Pickering Holt & Co. Murphy added that more diluent is required to move bitumen through [Read more]
January webinars to offer insights into ARO cost models and working interest
XI Technologies is hosting two free webinars in January to address common questions when it comes to asset retirement obligations. These webinars will be 30 minutes each and will demonstrate how ARO Manager helps users with a built-in, industry-recognized cost model and helps them discover working interest partners. Webinar: How to Find Working Interest Partners in ARO Time: 11:00am – 11:30am MST Date: Thursday, January 28, 2020 Click here to register. Do you know all your working [Read more]
Oil prices rise ahead of trade deal, likely stock draw
Oil prices climbed on Tuesday after five days of declines as the United States and China prepared to sign a preliminary trade deal and as Middle East tensions eased. U.S. West Texas Intermediate (WTI) crude was up 39 cents, or 0.7%, at $58.47. Brent futures were up 66 cents, or 1%, at $64.86 a barrel by 12:45 p.m. EST (1745 GMT) That put WTI front-month futures on track to close below the second month CLc1-CLc2 for the first time since Nov. 19, which is known in the trading industry [Read more]
Price Forecasting for Reserve Evaluations
How are commodity prices forecast? How do forecast prices differ from strip pricing? Why do these forecasts not always change in response to market variations? These are just some of the questions that arise time and time again throughout the reserves process. Futures, or forward curves are not truly spot price forecasts In addition to market expectations of future prices related to supply and demand, a variety of other factors can influence futures curves including, but not limited to, [Read more]
Petrus Resources Announces First Quarter Capital Budget and Outlook for 2020
CALGARY - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to provide its first quarter capital budget and outlook for 2020. With the risk of volatility in the price of Canadian light oil and natural gas, the Company believes that it is prudent to maintain a disciplined capital budget that is flexible from an operational and financial perspective. Petrus’ Board of Directors has approved a first quarter 2020 capital budget of $9.0 million. Petrus will continue to monitor [Read more]
Crescent Point Announces 2020 Budget
CALGARY - Crescent Point Energy Corp. ("Crescent Point" or the "Company") is pleased to announce its 2020 budget. KEY HIGHLIGHTS Expect to generate approximately $200 million to $350 million of excess cash flow in 2020 at US$55/bbl to US$60/bbl WTI, allowing for continued net debt reduction and accretive share repurchases. Disciplined and returns focused budget centered in key focus areas and fully funded at less than US$50/bbl WTI. Annual average production guidance of 140,000 to [Read more]
Column: No, Imperial Oil isn’t hiding important climate documents
On January 8th The Intercept, an activist news site, published an article shaming Imperial Oil for supposedly hiding its information about climate change for decades. This re-hashing of old arguments initially used to target ExxonMobil is making its rounds again on the internet as anti-hydrocarbon groups continue their assault on oil and gas companies. The idea that ExxonMobil or Imperial Oil were hiding documents was recently debunked last month by Energy In Depth which reported in [Read more]
Oil prices rise ahead of trade deal, likely stock draw
Oil prices edged higher on Tuesday as investors focused on the signing of a preliminary trade deal between the United States and China, the world's top oil consumers, and on expectations of a drawdown in U.S. crude oil inventories. However, price gains were capped by receding Middle East tensions, with both Tehran and Washington desisting from any further escalation after this month's clashes. Brent crude was up 16 cents, or 0.3%, at $64.36 per barrel by 0301 GMT after falling 1% on [Read more]
Horgan says ‘rule of law applies,’ LNG pipeline will proceed despite protests
VICTORIA - Premier John Horgan says a natural gas pipeline across northern British Columbia will be built despite on going protests and an eviction notice from some hereditary Indigenous leaders. The premier says the courts have ruled in favour of the project and the rule of law will apply to ensure work continues on the Coastal GasLink pipeline across northern B.C. to a coastal an export terminal. The 670-kilometre pipeline is part of a $40 billion liquefied natural gas project. Horgan [Read more]