Canada averaged 155 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 27% are drilling for natural gas, 56% are drilling for oil, 3% for other (helium, hydrogen, geothermal, or potash), and 14% are moving. Drilling activity by province is 69% in Alberta, 15% in Saskatchewan, 12% in BC, and 4% elsewhere. Precision Drilling holds the majority of the Canadian market share with 34%, Ensign Drilling with 26%, Savanna Drilling [Read more]
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Keyera announces September 2021 dividend
CALGARY, AB - Keyera Corp. (TSX: KEY) ("Keyera") announced today a cash dividend for September 2021 of 16.00 cents per common share. The dividend will be payable on October 15, 2021, to shareholders of record on September 22, 2021. The ex-dividend date is September 21, 2021. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). For non-resident shareholders, Keyera's dividends are subject to Canadian withholding tax. [Read more]
Heavy crude differential narrows
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Friday. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta last traded at $11.65 per barrel below the WTI benchmark, according to NE2 Canada Inc. That was narrower than Thursday's settlement of $11.90. Strong refining margins and a drawdown in Canadian oil inventories have supported prices, an industry source said. Traders have said the market is also supported by increased [Read more]
U.S. drillers add oil and gas rigs for fifth week in six
U.S. energy firms this week added oil and natural gas rigs for a fifth time in six weeks as offshore units in the Gulf of Mexico started to return after Hurricane Ida slammed into the coast. This week, 4 offshore rigs returned in Louisiana, energy services firm Baker Hughes Co said in its closely followed report on Friday. Last week, all 14 offshore oil rigs operating in the Gulf of Mexico shut due to Ida. All of them were located in Louisiana. Overall, the oil and gas rig count has [Read more]
Oil recovers as tight U.S. supplies offset China reserves sales plan
Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1% after China announced plans to sell crude from its strategic reserves. U.S. West Texas Intermediate (WTI) crude futures for October rebounded to $69.71 a barrel, up $1.79, or 2.63%. Brent crude futures for November rose $1.56, or 2.19%, to $72.88 a barrel. Brent is headed for a second straight weekly loss. Both [Read more]
OPEC set to revise down ‘optimistic’ oil demand outlook
OPEC will likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt. On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previously. The new figure was seen as optimistic by some in the group, likely [Read more]
Shell announces more than $5 million in support for hurricane Ida relief efforts
HOUSTON - In the aftermath of Hurricane Ida, Shell Oil Company announced today it will contribute more than $5 million in combined community and employee relief and recovery initiatives. "Shell has been operating in the parishes of Louisiana's Bayou and River Regions for nearly 100 years and New Orleans has been our Gulf of Mexico business hub for decades. Our people and our company have a long history of stepping up when our neighbors need us most. This is one of those times," said Shell [Read more]
Petro Viking secures $2.5 million in financing commitments
Calgary, Alberta – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) (OTC:PTRVF) is very pleased to announce that it has secured firm commitments of $2,500,000 in a non-brokered equity financing in the form of units of the Company (each a “Unit”). Each Unit consists of one (1) common share in the capital of the Company (each a “Share”) issued at a price of $0.25 per Share and one-half (1/2) common share purchase warrant, each full warrant entitling the holder thereof to [Read more]
AltaGas Ltd. announces monthly dividend
CALGARY, AB - AltaGas Ltd. ("AltaGas or the Company") (TSX: ALA) announced today that the September dividend will be paid on October 15, 2021, to common shareholders of record on September 27, 2021. The amount of the dividend will be $0.0833 for each common share. This dividend is an eligible dividend for Canadian income tax purposes. AltaGas is a leading North American energy infrastructure company that connects NGLs and natural gas to domestic and global markets. The Company operates a [Read more]
Ovintiv announces increasing shareholder returns with new capital allocation framework
DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced a new capital allocation framework, which supports the Company's goal of unlocking shareholder value by delivering on its strategic priorities of financial strength, increasing cash returns to shareholders, generating superior returns on capital investment, and driving ESG progress. "We are committed to unlocking shareholder value by delivering on our strategic priorities," said Ovintiv President and CEO, Brendan McCracken. "We [Read more]