Earlier this year, the first shipment of Alberta crude oil, an estimated 450,000 barrels, arrived on the east coast, completing an arduous and lengthy 12,000 km trip from British Columbia, through the Panama Canal before ending in Saint John. On June 18, oil from Calgary-based Cenovus Energy made its way via the Trans Mountain pipeline from the Westbridge Marine Terminal in Burnaby, B.C. to Irving Oil’s refinery in Saint John, which is the largest oil refinery in the country, capable of [Read more]
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H3M’s collaborative approach to SRP success
H3M has been involved with the SRP since its inception and has been very successful connecting numerous companies with the funding to date. We made several applications and are currently conducting Environmental Assessments for our clients in Alberta. We achieved an incredible 95% success rate for all Alberta submitted applications. H3M can help clients navigate this program and ensure they are capitalizing on the maximum benefits available to them. We complete Phase 1 and 2 Site Assessments [Read more]
Alberta government’s capacity to raise revenues has shrunk 41.3% since 2014/15; moving closer to “have-not” status
CALGARY, Alberta - Alberta’s ability to raise own-source revenues — known as the province’s fiscal capacity—has shrunk substantially in the past six years. This development has rendered the province’s high spending levels unsustainable, and places Alberta at risk of becoming a “have-not” province, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. “Just a few years ago, Alberta was able to raise large amounts of revenue with [Read more]
Chevron cuts spending plans again, sets 2021 budget of $14 bln
U.S. oil major Chevron Corp on Thursday cut billions more off its long-term capital and exploratory budget after completing a major restructuring of its operations as it seeks to preserve its dividend. The company said it now expects its total capital and exploratory budget through 2025 to be between $14 billion and $16 billion, down from an earlier forecast of between $19 billion and $22 billion. It also said that despite the reduction to the overall budget, it expects to be able to raise [Read more]
UAE’s oil expansion gives it new weight within OPEC
The United Arab Emirates' resistance at OPEC meetings to extend deep supply cuts into 2021 is the start of a more assertive policy stance that could make it harder for the group's de-facto leader, Saudi Arabia, to balance global oil supply. The seeds of the emerging divergence have their roots in a major expansion in capacity in the UAE as well as an effort that is gathering pace for the country’s oil to become one of the few grades of crude used as a benchmark to price world supply. The [Read more]
Athabasca Oil Corporation provides 2021 budget guidance and announces bank facility renewal along with an increase in unsecured credit facility capacity
CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or “the Company”) announces its 2021 budget that is focused on maintaining base production and maximizing funds flow. The Company also is pleased to announce that it has renewed its syndicated bank facility and has received an increase to its unsecured letter of credit facility backstopped by Export Development Canada. 2021 Budget Low Sustaining Capital. Athabasca is planning expenditures of $75 million focused on sustaining [Read more]
Baytex announces 2021 budget
CALGARY, Alberta - Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE.BC) announces that its Board of Directors has approved a 2021 capital budget of $225 to $275 million, which is designed to generate free cash flow and average annual production of 73,000 to 77,000 boe/d. “We have re-set our business in response to a volatile crude oil market brought on by Covid-19 and are poised to deliver free cash flow and stable production in a US$40 to US$45 WTI environment. In 2021, we will benefit from our [Read more]
Heavy discount widens modestly as supplies grow
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Wednesday as producers continue to cautiously add volumes: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settlement of $11.45 under. Improving demand for heavy oil in the U.S. Gulf of Mexico has supported prices, but it will be slow to fully come back during the pandemic, said Martin [Read more]
Clearview Resources Ltd. reports third quarter 2020 results
CALGARY, AB - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the three and nine months ended September 30, 2020. HIGHLIGHTS Over the past several months, the Company has been focused on the completion of three financing initiatives to improve the Company's financial position during these unprecedented times and for the future. These strategic initiatives include: Securing a workable credit agreement with its [Read more]
Sale of Cenovus’s Marten Hills oil assets to Headwater Exploration closes
CALGARY, Alberta - Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) and Headwater Exploration Inc. (TSX:HWX) are pleased to announce the closing of the acquisition by Headwater of Cenovus's assets in the Marten Hills area of Alberta. Pursuant to the transaction, Headwater acquired a 100% working interest in approximately 2,800 barrels per day of medium gravity oil production and 270 net sections of Clearwater rights. The total consideration paid by Headwater to Cenovus for the transaction consists [Read more]