Oil prices hit a nine-month high early on Thursday after U.S. government data showed that crude stockpiles fell last week and on optimism over a coronavirus relief package in the United States. U.S. West Texas Intermediate (WTI) crude futures rose by 40 cents, or 0.83%, to $48.27 a barrel. Brent crude futures rose by 38 cents, or 0.74%, to $51.44. Both benchmarks hit their highest since early March. U.S. crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy [Read more]
Headlines
Alberta EOR & CCUS- timely energy transition and ESG solutions
With the announcement of the Federal climate plan last week, companies in Canada are intensifying reviews of decarbonization initiatives. While the climate plan focuses on the transition away from hydrocarbons in the next twenty to thirty years, the reality is an energy transition will take more than just two or three decades. In fact, the architects of the Federal climate plan seem to fall into the same trap as the UN Paris accord proponents and other environmental groups. That trap is [Read more]
Cenovus and Husky announce Court of Queen’s Bench approval of proposed business combination
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) are pleased to announce the Court of Queen’s Bench of Alberta has issued a final order approving the previously announced Plan of Arrangement to combine the two companies. The court’s approval follows separate votes held on December 15, 2020 in which Cenovus common shareholders and Husky common shareholders, optionholders and preferred shareholders supported the proposed transaction to combine the two [Read more]
Paramount Resources Ltd. releases inaugural ESG Report
CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX:POU) is pleased to announce the release of its inaugural ESG Report as part of its ongoing commitment to sustainable resource development, environmental stewardship and the well being of its employees and the communities in which we operate. The ESG Report highlights many of the Company's recent achievements, including a 45% reduction in combined Scope 1 and 2 greenhouse gas emissions and a 40% reduction in emissions [Read more]
Column: The petrochemical industry needs to stand up for itself
As with most stable-minded Canadians, I was horrified but not terribly surprised when Justin Trudeau announced that he planned to raise the economically crushing carbon tax to an insane $170 per tonne. Trudeau is a trust fund baby who is ideologically driven. He has no concept or ability to understand economics and in being dependent upon the socialist NDP in order to maintain his grasp on power, it wasn't shocking to see him propose a massive tax increase. I deluded myself though into [Read more]
Gear Energy Ltd. announces shareholder approval for amendments to convertible debentures
CALGARY, AB - Gear Energy Ltd. (TSX: GXE) ("Gear" or the "Company") is pleased to announce that Gear shareholders have approved the amendments to Gear's outstanding convertible unsecured subordinated debentures (the "Debentures") at a special meeting (the "Meeting") of shareholders held today. The amendments were approved by shareholders holding in excess of 97% of the Gear common shares who voted in person or by proxy at the Meeting. There is presently approximately $13.2 million principal [Read more]
Minister O’Regan launches hydrogen strategy for Canada
ST. JOHN'S, NL - As the Government of Canada continues to protect and support Canadians through the COVID-19 pandemic, it is also important that the country look to the future. Today, Canada's Minister of Natural Resources, the Honourable Seamus O'Regan, launched the Hydrogen Strategy for Canada, an ambitious framework that seeks to position Canada as a global hydrogen leader, cementing this low-carbon and zero-emission fuel technology as a key part of our path to net-zero carbon emissions by [Read more]
Ovintiv targets 33% reduction in methane intensity by 2025
Metric to be directly tied to compensation for all employees DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today disclosed a goal to reduce methane intensity 33% by 2025. The objective, approved this week by its board of directors, will be tied to Ovintiv's annual incentive compensation program for all employees beginning in 2021. The significant reduction will be benchmarked against the Company's 2019 actual methane intensity of 0.15 metric tons CH4/thousand barrels of oil equivalent [Read more]
Shell Canada announces retirement of President and Country Chair Michael Crothers and appointment of Susannah Pierce as successor
CALGARY, AB - Following a 33-year career with Shell, Shell Canada President and Country Chair Michael Crothers has announced he will retire from the company in 2021. Crothers will be succeeded by Susannah Pierce, currently Director of Corporate Affairs, LNG Canada, and a Shell secondee. Both will remain in their current roles until the transition takes place. "I am grateful to have had a long and rewarding career with a company that aligns with my values, working alongside exceptional people [Read more]
Column: From Bitcoin to Canada’s new Grantcoin – the earth-shaking, energy-sucking impact of The New Money
Cryptocurrency doesn’t seem to have all that much to do with hydrocarbons, so one might wonder why the topic is appearing here in the world’s finest oil and gas journal (they let me rant here, so BOE Report earns the title for bravery alone). Here’s why. Far beyond the headlines about Bitcoin’s ascendancy are strong links to the energy world that are worthy of scrutiny. The “____coin” revolution has hardly begun, and it’s already a bull in the energy china shop. Bitcoin is the poster child [Read more]