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]
Headlines
Gibson Energy announces the addition of Ms. Juliana Lam to the company’s Board of Directors
CALGARY, AB - Gibson Energy Inc. announced today that Ms. Juliana Lam joined the Company's Board of Directors effective September 10, 2021. "We are very pleased to have Juliana join Gibson's Board of Directors," said James Estey, Chairman of Gibson. "The Board remains committed to ensuring it has access to the right skillsets to continue to move the Company forward, with the addition of Juliana providing extensive executive level financial management and international business experience, [Read more]
Revisiting Alberta’s Sturgeon refinery deal
In this last week of the summer of 2021, it seemed appropriate to look back on one of the best moves made on behalf of the Alberta oil and gas industry and every Albertan in conversation with Alberta’s Minister of Energy, Sonya Savage. First, let’s look at some background….as far back as 2009-2010, the Alberta government under Ed Stelmach contemplated developing bitumen processing facilities in Alberta. There was a long-term vision to incorporate large capacity CCUS by integrating a refinery [Read more]
Column: U.S. gas production set for big increase in 2022: Kemp
U.S. gas traders are anticipating a big increase in production over the next year as the industry responds to higher prices by ramping up drilling, which should ensure supplies are more plentiful in time for winter 2022/23. As a result, futures prices for deliveries at Louisiana's Henry Hub in January 2023 are currently trading around $1.15 per million British thermal units below prices for deliveries in January 2022. Henry Hub's one-year calendar spread trades in contango about [Read more]
Hit to oil output from Ida overshadows demand impact, says Goldman
Goldman Sachs said Hurricane Ida had a larger impact on oil production than on refinery demand, causing a net "bullish" impact on U.S. and global storage levels. The investment bank, in a note dated Sept. 9, described the hit to U.S. output as "historically large" and expects almost 40 million barrels of crude production to be lost, with challenges restarting the Mars stream likely until mid-October. U.S. refiners are coming back faster than oil production, a reverse of past storm [Read more]
Canada’s weekly rig count up 2 to 155
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]
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]