Oil prices were mixed in a tight range on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia amid surging COVID-19 cases weighed on sentiment. Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline's 5,500-mile (8,900-km) system recovered from a crippling cyberattack. West Texas Intermediate (WTI) crude was up 40 cents, or 0.62%, [Read more]
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Whitecap Resources Inc. demonstrates continued operational momentum and increases dividend 8%
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has successfully closed the previously announced acquisition of Kicking Horse Oil & Gas Ltd. ("Kicking Horse"). Whitecap acquired all of the issued and outstanding common shares of Kicking Horse for consideration consisting of 34.5 million Whitecap common shares, $56 million in cash and also assumed Kicking Horse's net debt (the "Acquisition"). Montney Resource Play Update [Read more]
i3 Energy PLC announces contract restructure & dividend creditor consent
EASTLEIGH, UK - i3 Energy plc (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to provide the following update. In September 2017, i3 entered a £5.8 million contract with GE Oil & Gas UK Limited for subsea trees and wellheads (the "Equipment Contract") intended for the Company's eventual development of its Liberator field. In July 2019, i3 announced it had awarded Baker Hughes, a GE company (GE Oil & Gas UK Limited and [Read more]
Canada’s Weekly Rig Count up 1 to 62
Canada averaged 62 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 43% are drilling for natural gas, 39% are drilling for oil, 5% for other (helium, hydrogen, geothermal, or potash), and 13% are moving. Drilling activity by province is 66% in Alberta, 19% in BC, 12% in Saskatchewan, and 3% elsewhere. Precision Drilling holds the majority of the Canadian market share with 35%, Ensign Drilling with 17%, Nabors [Read more]
Heavy crude differential steady as trade window wraps up
Canadian heavy crude's discount to West Texas Intermediate (WTI) was flat on Friday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, last traded at $12.80 per barrel below WTI, according to NE2 Canada Inc, flat to Thursday's discount. Friday is the last day of the monthly Canadian crude trading window, which lasts from the first of each month until the day before nominations to ship crude on pipelines are due. Light synthetic crude from the oil [Read more]
Surge Energy Inc. announces first quarter financial & operating results and ESG update
CALGARY, AB - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter ended March 31, 2021. MACRO OVERVIEW – CRUDE PRICES CONTINUE TO STRENGTHEN Pre-COVID-19, world oil demand was more than 100 million barrels per day; growing by approximately one million barrels per day each year. Without significant capital investment, world oil production has been estimated to have an annual decline of 5-6 million barrels per [Read more]
Judge dismisses attempt to quash ‘anti-Alberta’ activities inquiry
CALGARY - A judge has dismissed an attempt to quash the United Conservative government's inquiry into whether foreign groups have conspired against Alberta's oil industry. Court of Queen's Bench Justice Karen Horner says the environmental law firm Ecojustice failed to prove the inquiry was called to intimidate charities that have raised concerns about the industry. She also says there's no reason to believe that the political context around the inquiry suggests it's biased. "I have [Read more]
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms added oil and natural gas rigs for a third week in a row as higher crude prices prompt some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose five to 453 in the week to May 14, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 114 rigs, or 34%, over this time last year. It was also up 86% since falling to a record low of 244 [Read more]
Oil steadies on India COVID-19 cases, U.S. pipeline restart
Oil prices bounced back after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. West Texas Intermediate (WTI) was climbed $1.35, or 2.12%, at $65.13 a barrel. Both prices are heading for their first weekly loss in three weeks. Brent crude oil futures rose $1.42 or 2.12%, at $68.40 a barrel. "The commodity supercycle rally just hit a hard [Read more]
U.S. capital running out of gas, even as Colonial Pipeline recovers
The U.S. capital was running out of gasoline on Friday even as the top U.S. fuel pipeline ramped up deliveries following a cyberattack and Washington officials assured motorists that supplies would return to normal soon. The six-day Colonial Pipeline shutdown was the most disruptive cyberattack on record, which underscored the vulnerability of vital U.S. infrastructure to cybercriminals. Widespread panic buying continued two days after the nation's largest fuel pipeline network restarted, [Read more]