BOE Report

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Oil prices fall after OPEC+ talks, ECB rate cut

Oil prices fell on Thursday after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas. Oil came under further pressure after the European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and said it will restart bond purchases of 20 billion euros a month from November to prop up euro zone growth. U.S. West Texas Intermediate futures fell 96 cents to $54.79. Brent [Read more]

Pembina Pipeline Corporation Announces Closing of $1.5 Billion Public Note Offering

CALGARY, Sept. 12, 2019  /CNW/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $1.5 billion of senior unsecured medium-term notes (the "Offering"). The Offering was conducted in three tranches consisting of $600 million principal amount of senior unsecured medium-term notes, series 14 (the "Series 14 Notes") having a fixed coupon of 2.56% per annum, paid semi-annually, and maturing on [Read more]

U.S. briefly overtakes Saudi Arabia as top oil exporter: IEA

Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world’s top exporter. “With oil prices currently about 20% lower than a year ago, there will be support for consumers,” the IEA said in its monthly report. “Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world’s top [Read more]

GE begins divestment of Baker Hughes with $2.7 bln share sale

General Electric Co (GE) on Wednesday said it plans to reduce its ownership in oil and gas company Baker Hughes A GE Co to 38.4% from 50.4% at June-end, and aims to raise $2.7 billion in the process. The U.S. conglomerate, which will lose majority control of Baker Hughes, said it would raise the amount through a public offering of 115 million Baker Hughes Class A shares priced at $21.50 each, and through a private sale of $250 million Class B Baker Hughes shares to the oilfield services [Read more]

Razor Energy Corp. Closes Strategic Acquisition and Announces Intention to Commence New Normal Course Issuer Bid

CALGARY, Alberta, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is pleased to announce it has completed the previously announced strategic acquisition of Little Rock Resources Ltd. ("Little Rock") (the "Acquisition"). The Acquisition implies a value of approximately $12.7 million for Little Rock, including the issuance of $10.6 million in Common Shares and the assumption of Little Rock's net debt of $2.1 million. Little Rock's current production [Read more]

Enbridge urges Canadian regulator to avoid intervening in pipeline plan

Enbridge Inc called on Canada's energy regulator on Wednesday to ignore calls from some of its shippers and avoid intervening in the pipeline company's contentious proposal to revamp contracts on its Mainline network. The written submission to the Canada Energy Regulator (CER) is the latest salvo in a dispute between Calgary-based Enbridge and some of Canada's biggest oil companies over the future of the Mainline network. The Mainline is North America's biggest pipeline system and ships [Read more]

U.S. natgas futures slide from near 14-week high as weather moderates

U.S. natural gas futures slipped on Wednesday from a near 14-week high on forecasts for a little less cooling demand over the next two weeks than previously expected and a continued slowdown in export growth. Front-month gas futures for October delivery on the New York Mercantile Exchange were down 3.2 cents, or 1.2%, to $2.548 per million British thermal units at 8:28 a.m. EDT (1228 GMT). On Monday, the contract closed at its highest since May 29. Despite the decline, the front-month [Read more]

XI Technologies: September 2019 Expiring Land Report – Are there opportunities for you?

Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here.  Every few months, we like to take a look at expiring land because it can provide useful business development intel for service companies and E&Ps alike. For service companies, expiring lands provide insight into where drilling [Read more]

The Transformation of Upstream to Performance-Based (SLMS) Pipeline Integrity Management Arrives with Perfect Timing

Executive Summary Governments, regulators, the public and industry have indicated that improved pipeline performance within the upstream and mid-stream gathering infrastructure is essential.  Industry leaders can achieve a higher level of performance through adoption of available and emerging methods and technologies, and by implementing them as the foundation of a formal performance-based (SLMS) asset management model. A sustainable pathway to recover and sustain the growth of the oil and [Read more]