Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market. U.S. West Texas Intermediate crude futures for January were up 9 cents, or 0.2%, at $46.63 a barrel. Brent crude futures for February rose 0.05 cents, or 0.14%, to $50.00 a barrel. Prices also extended gains amid supply jitters after a shipping firm said its oil tanker [Read more]
Headlines
Ottawa’s New Climate Plan- a mischaracterization of Canada’s energy sector
On Friday, the Canadian government announced their new climate plan using language that many say mischaracterizes Canada’s record for GHG reduction and Canada’s successes in developing technology and initiatives for decarbonization. The plan includes steady increases to the carbon tax by up to $15 a ton in each of the next 10 years to reach $170 a ton and some insiders indicate there may be an assumption in the wording that the tax might continue to go up after 2030. The plan instantly [Read more]
Headwater Exploration Inc. announces 2021 capital budget
CALGARY, AB - Headwater Exploration Inc. ("Headwater" or the "Company") (TSX: HWX) announces that the Company's board of directors (the "Board") has approved a 2021 capital budget of $85 - $90 million designed to provide December 2020 to fourth quarter average 2021 production growth of approximately 125%. The approved budget is expected to leave Headwater with a working capital surplus of approximately $45 million at the end of 2021. 2021 GUIDANCE SUMMARY Average Daily [Read more]
ExxonMobil announces emission reduction plans; expects to meet 2020 Goals
Greenhouse gas plans consistent with goals of Paris Agreement Sets 2025 greenhouse gas emission reduction plan: intensity of upstream emissions to drop by 15-20%; methane intensity by 40-50%; flaring intensity by 35-45% Aims for industry-leading greenhouse gas performance across its businesses by 2030 Plans to eliminate routine flaring by 2030; provide Scope 3 emissions beginning in 2021 Anticipates meeting 2020 methane and flaring reductions IRVING, Texas - ExxonMobil said today [Read more]
Pembina Pipeline Corporation announces 2021 guidance and provides business update
All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), which is a financial measure that is not defined by Generally Accepted Accounting Principles ("GAAP"). For more information see "Non-GAAP Measures" herein. CALGARY, AB - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA) is pleased to provide its 2021 [Read more]
Canada’s weekly rig count up 3 to 112
Canada averaged 112 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 59 are drilling for oil, 49 are drilling for natural gas, 1 for potash, and 3 for other. Drilling activity by province is 73 in Alberta, 20 in British Columbia, 18 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 31 per cent, Ensign Drilling with 23 per cent, Savanna Drilling with 10 per [Read more]
U.S. drillers add most oil and gas rigs since January
U.S. energy firms this week added the most oil and natural gas rigs in a week since January as producers keep returning to the wellpad with crude prices trading around $45 a barrel since late November. The oil and gas rig count, an early indicator of future output, rose 15 to 338 in the week to Dec. 11, energy services firm Baker Hughes Co said in its closely followed report on Friday. U.S. oil rigs rose 12 to 258 this week, while gas rigs rose the most in a week since April 2019, gaining [Read more]
Canada plans to ramp up carbon price as part of climate change fight
Canada plans to steadily ramp up its price on carbon, reaching C$170 ($132) a tonne by 2030 compared with C$30 now, as part of its plan to fight climate change, the Liberal government said on Friday. Canada, long lambasted by environmentalists for missing a string of emissions targets, is relying heavily on the measure to help meet 2030 commitments. Starting in 2023, the price will go up by C$15 a year until 2030. "The increasing price will make cleaner options more affordable and [Read more]
Inter Pipeline announces $1 billion spending plan
CALGARY - Inter Pipeline Ltd. says it will shell out $1 billion in capital expenditures in 2021 as it pushes to finish its petrochemical plant. The Calgary-based company says it will spend $800 million next year on the Heartland Petrochemical Complex, which it now expects to start up in early 2022. The update on the plant comes after the company said last month it would find a partner for the plant by the middle of next year. Inter Pipeline says the rest of its capital spending will be [Read more]
Yangarra announces completion of borrowing base review and 2021 capital budget
CALGARY, AB - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX: YGR) completes its semi-annual borrowing base review and sets 2021 Capital Budget. Bank Review The syndicated senior credit facility has been confirmed at $210 million. All other terms remain the same. The Company's banking syndicate is led by Alberta Treasury Branches and includes the Canadian Imperial Bank of Commerce and National Bank of Canada. Capital Budget As a result of improving macro conditions, [Read more]