Canada’s fleet of active drilling rigs grew from 138 to 153 since last week according to data from Baker Hughes. Total drilling count was 153 at December 13. 96 rigs were drilling for oil; 57 for natural gas. The drilling activity in both Alberta and Saskatchewan increased, with Alberta growing from 91 to 98 and Saskatchewan gaining another 8 wells, from 33 to 41. View a full breakdown of Western Canada’s rig activity. [Read more]
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U.S. drillers add oil rigs for first week in eight
U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling. Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 873 active rigs. That keeps the oil rig count on track to fall for the first year since 2016. The decline, however, only totals 218, which is [Read more]
Oil prices hit highest in 3 months as U.S.-China trade deal takes shape
Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world's two biggest economies that has raised big questions about global demand for crude. West Texas Intermediate (WTI) crude was up 31 cents, or 0.5%, to $59.49 a barrel, the highest since Sept. 16. Brent futures climbed 43 cents, or 0.7%, to $64.63 a barrel, its highest since Sept. 23. "Risk appetite ran wild after Trump [Read more]
Canadian Oil & Natural Gas Production Set to Soar Through 2040
Canada’s oil and natural gas production is projected to have steady growth through 2040 as key pipeline and export infrastructure are completed and prices rise over the long-term, according to the Canada Energy Regulator’s first long-term energy outlook. Specifically, the CER report finds that crude oil production is expected to grow by nearly 50 percent to around seven million barrels per day and natural gas production is set to increase by over 30 percent to over 20 billion feet per day. [Read more]
U.S. natgas futures fall over 2% on less cold weather forecasts
U.S. natural gas futures on Friday dropped over 2% on forecasts for less cold weather later in December than previously expected. In addition, traders noted prices fell because the market expects inventories to return to a surplus over the five-year average over the next week or two as rising production enables utilities to leave more gas in storage, wiping away lingering concerns of potential supply shortages this winter. Front-month gas futures for January delivery on the New York [Read more]
AltaGas Ltd. Announces Aggregate $500 Million Medium-Term Note Offering
CALGARY - AltaGas Ltd. ("AltaGas") (TSX: ALA) today announced that it has agreed to issue $500 million of senior unsecured medium-term notes (the "Notes") with a coupon rate of 2.609 percent, maturing on December 16, 2022 (the "Offering"). The Offering is expected to close on or about December 16, 2019. The net proceeds resulting from the Offering will be used to pay down existing indebtedness under AltaGas' credit facility and for general corporate purposes. The Offering is being made [Read more]
Surge Energy Inc. Announces 2020 Budget
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its budget guidance for 2020 as approved by the Company's Board of Directors. 2020 BUDGET – DEFENSIVE AND SUSTAINABLE Surge's disciplined 2020 capital expenditure budget reaffirms the Company's commitment to free cash flow generation and debt reduction. Surge's Board of Directors has approved a defensive, sustainable budget for 2020 at US $56.50 WTI flat pricing (less than current strip), [Read more]
Pipestone Energy Corp. Announces a $225 Million Syndicated Reserve Based Loan and Achievement of 2019 Exit Production Guidance
CALGARY - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that it has successfully re-financed its existing credit facilities with a $225 million Reserve Based Loan (“RBL”), which provides meaningful financial flexibility going forward. Additionally, the Company achieved its previously announced 2019 exit production guidance in November 2019, with average estimated sales production of ~15,700 boe/d (~44% liquids). Credit Facility [Read more]
Canada’s Syncrude oil facility ramps up output after disruption
Canada's Syncrude oil sands facility has ramped up production after a disruption last week due to operational problems, three market sources said on Thursday. Syncrude is a joint venture, majority owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. The facility planned to reduce December production by a total of 1.6 million barrels due to the operational problems, three [Read more]
Canada will consider climate plan in Teck oil project decision
The government will take into account its plan to make Canada carbon neutral by 2050 when it considers whether to approve Teck Resources Ltd's plan for a giant oil sands mine, the new environment minister said on Thursday. Teck wants approval for its C$20.6 billion ($15.5 billion) Frontier project, which involves an open pit mine to eventually produce 260,000 barrels per day (bpd). The mine in northern Alberta would open in 2026 and operate until 2067. Prime Minister Justin Trudeau's [Read more]