U.S. energy producers have cut so deeply into a once-large reserve of oil wells waiting to be turned on they soon may have to resume drilling to keep production from sagging, executives and analysts said. This would mean an increase in spending which could unsettle investors who have benefited from shale companies' recent prioritization of shareholder returns over ramping up production. Companies, including Diamondback, Pioneer Natural Resource and Devon Energy, for example, have [Read more]
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Baker Hughes and C3 AI Deploy Enterprise AI solutions at MEG Energy for improved efficiency of thermal production operations
HOUSTON & REDWOOD CITY, Calif. - Baker Hughes (NYSE: BKR) and C3 AI (NYSE:AI) today announced the successful deployment of the BHC3 Production Optimization enterprise AI application at MEG Energy, an Alberta, Canada-based energy company, to improve operational efficiency, productivity, and to better visualize risk across the company’s upstream production operations. MEG Energy leverages innovative technology to reduce energy and water use, along with greenhouse gas intensity, while [Read more]
Heavy crude differential inches wider
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened slightly on Monday. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta last traded at $11.75 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening marginally from Friday's settlement of $11.70 a barrel below WTI. One industry source said refinery buyers were optimizing their crude slates, leading to some selling, but overall the Canadian market remained [Read more]
Cenovus announces closing of US$1.25 billion offering of senior notes
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has completed a public offering in the United States (the “Offering”) of US$1,250,000,000 in senior notes, consisting of US$500,000,000 of 2.650% senior unsecured notes due 2032 and US$750,000,000 of 3.750% senior unsecured notes due 2052 (collectively, the “Notes”). The Notes were issued under Cenovus’s short form base shelf prospectus dated September 19, 2019 and a prospectus supplement dated September 9, 2021 filed with securities [Read more]
Tamarack Valley Energy Ltd. announces five-year plan and continued strategic Clearwater consolidation
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") is pleased to announce a corporate five-year plan along with the continued consolidation of assets in the Clearwater. The five-year plan highlights the significant free funds flow(1) the Company's assets generate and the flexibility to direct funds to achieving long-term debt targets, return of capital to shareholders, and incremental growth of the business both organically and through M&A opportunities. Tamarack [Read more]
Petro Viking Energy Inc. provides clarification on Avila transaction
Calgary, Alberta – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CSE:VIK) (CNSX:VIK.CN) (OTC:PTRVF) wishes to clarify the information provided in its press release dated August 16, 2021. The Company hereby announces that the Avila Transaction (the “Transaction”), once completed, will be considered a “fundamental change” within the meaning of CSE policies, and therefore, the shares of Petro Viking will remain halted from trading until additional required documentation with respect [Read more]
Private equity-backed Canadian oil producer Strathcona in talks to buy Caltex Resources
Private Canadian oil and gas producer Strathcona Resources is in advanced talks to buy rival Caltex Resources for around C$700 million ($552.97 million), adding to its enhanced oil recovery portfolio in Saskatchewan, four sources familiar with the discussions told Reuters. Caltex attracted interest from at least half a dozen public and private oil companies after the Calgary-based firm hired an investment bank to run a sale process earlier this year, one of the sources said. Caltex deploys [Read more]
Clearview Resources Ltd. announces strategic undeveloped land acquistion in the Clearwater Play and management change
CALGARY, AB - Clearview Resources Ltd. ("Clearview" or "the Company") is pleased to provide the following corporate update. Clearview has recently completed the acquisition of 14,240 gross and net acres of Crown land in the Jarvie area of Alberta focused on the developing Clearwater oil play in the region. "This land acquisition is complementary to Clearview's strengths of building opportunities from the ground level and provides the Company with a significant position in one of the most [Read more]
Oil rises for a second day as U.S. supply concerns dominate
Oil prices rose for a second session on Monday as concerns over U.S. output following damage from Hurricane Ida supported the market, along with expectations for higher demand. U.S. West Texas Intermediate (WTI) crude rose $1.16, or 1.567%, to $70.74. Brent crude rose 88 cents, or 1.18% to $73.74 a barrel. Both markets were at their highest since Sept. 3 earlier in the session About three-quarters of the offshore oil production in the U.S. Gulf of Mexico, or about 1.4 million barrels per [Read more]
Crescent Point increases fourth quarter dividend and announces preliminary 2022 outlook
CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) and (NYSE: CPG) has approved an increase to the Company's quarterly dividend as a result of significant progress made on improving its balance sheet strength and sustainability. Crescent Point is also pleased to announce its preliminary 2022 budget, which is expected to generate significant excess cash flow that leads to additional balance sheet strength and the opportunity to create further shareholder [Read more]