CALGARY, Alberta - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial results for the three and six months ended June 30, 2020 (all amounts are in Canadian dollars unless otherwise noted). “During the second quarter we took decisive steps to adjust our business model in the face of extremely volatile crude oil markets. We are now starting to benefit from the actions we have taken as we generated positive free cash flow during the quarter and maintained [Read more]
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Yangarra announces 2020 second quarter financial and operating results
CALGARY, AB - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX: YGR) announces its financial and operating results for the three and six months ended June 30, 2020. Second Quarter Highlights Average production of 9,875 boe/d (44% liquids) during the quarter, a 24% decrease from the same period in 2019 Oil and gas sales were $16.2 million, a decrease of 56% from the same period in 2019 Funds flow from operations of $7.7 million ($0.09 per share – basic), a decrease of [Read more]
TORC Oil & Gas Ltd. announces second quarter 2020 financial & operational results; reinstates production guidance
CALGARY, AB - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce its financial and operating results for the three and six months ended June 30, 2020. The associated management's discussion and analysis ("MD&A") and unaudited interim financial statements as at and for the three and six months ended June 30, 2020 can be found at www.sedar.com and www.torcoil.com. Highlights Three months ended Six months [Read more]
Prolonged oil industry slump leads to third cut in Canadian drilling forecast
CALGARY - The Petroleum Services Association of Canada is cutting its 2020 Canadian drilling forecast for a third time as the industry remains mired in a slump expected to extend well into the second half of the year. The association says it now expects just 2,800 wells will be drilled in Canada this year, down from a nearly 50-year low of 3,100 in its revised forecast in April. The new forecast for 2020 is 43 per cent lower than the 4,900 wells drilled in 2019. PSAC interim CEO [Read more]
Once Canada’s oil relief valve, rail shipping grinds to near halt
After moving record-large Canadian oil volumes by rail just five months ago, shippers have hit the brakes, idling thousands of cars and tens of millions of dollars' worth of infrastructure. Rail was Canada's oil lifeline in recent years when cheaper pipelines ran full and crude had no other exit from landlocked Alberta. But oil production cuts this year opened pipeline space and eliminated demand for trains, leaving producers like Cenovus Energy Inc with high fixed expenses and monthly [Read more]
Oil rises after surprise drop in U.S. inventories offsets demand concerns
Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. U.S. West Texas Intermediate crude futures gained 2 cents, or 0.1%, to $41.06 a barrel, having dropped 1.4% in the previous session. Brent crude futures were up by 14 cents, or 0.3%, at $43.36 a barrel by 0326 GMT, after dropping 0.4% on [Read more]
Seven Generations’ second quarter funds flow of $138.8 million and capital investments of $69.4 million drive $69.4 million of free cash flow
Development activities have resumed and the company remains firmly on-track to achieve 2020 revised guidance with continuous cost management and improving commodity prices CALGARY, Alberta - Seven Generations Energy Ltd. (TSX:VII): “When the COVID-19 pandemic impacted the world in March, our 7G team rapidly adapted to a new way of working that prioritized the health and safety of our workforce. We also responded quickly and decisively to protect our balance sheet from the pandemic-related [Read more]
Enbridge reports strong second quarter
CALGARY, AB - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported second quarter 2020 financial results and provided a quarterly business update. Second Quarter 2020 Highlights (all financial figures are unaudited and in Canadian dollars unless otherwise noted) GAAP earnings of $1,647 million or $0.82 earnings per common share, compared with GAAP earnings of $1,736 million or $0.86 per common share in 2019 Adjusted earnings were $1,133 million or $0.56 per [Read more]
Pieridae secures CAD$6 million account security guarantee facility from Export Development Canada
Pieridae Continues to Gain Support from Key Stakeholders CALGARY, Alberta - Pieridae Energy Limited (Pieridae or the Company) (TSX: PEA.TO) is pleased to announce it has received approval from Export Development Canada (“EDC”) for a CAD$6 million guarantee facility as part of EDC’s Account Performance Security Guarantee (“APSG”) program. The program provides a 100% guarantee to the issuing bank of certain of the Company’s existing and future letters of credit (“LCs”). The APSG will allow [Read more]
XI Technologies: Finding opportunities in phase 3 of Alberta’s Site Rehabilitation Program
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. The biggest part of the government’s response to the oil and gas industry struggles with COVID-19 and international price wars was the implementation of the Site Rehabilitation Program, which started May 1st, 2020. Funded by the [Read more]