Canada’s oil and natural gas services sector association, the Petroleum Services Association of Canada (PSAC), is pleased to see a number of measures that will help the natural resources sector. Debt and deficit reduction and restoring investor confidence to ensure long-term growth and economic prosperity however, remain to be addressed. Elizabeth Aquin, Interim President and CEO of PSAC says, “We appreciate the inclusion of several measures that align with PSAC’s advocacy including an [Read more]
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U.S. House panel advances bill allowing anti-trust suits against OPEC
A U.S. House panel on Tuesday passed a bill to open the OPEC oil production group and countries that work with it to lawsuits for collusion in boosting petroleum prices, but it was uncertain whether the full chamber would consider the legislation. The so-called NOPEC bill, introduced by Representative Steve Chabot, a Republican, passed on a voice vote in the House Judiciary Committee. It would allow the U.S. Justice Department to bring anti-trust lawsuits against oil-producing countries in [Read more]
Oil prices rise to one-month highs on weak dollar
Oil prices rose to one-month highs as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world's biggest oil user, though rising coronavirus cases in Asia capped gains. U.S. West Texas Intermediate (WTI) crude futures for May delivery, which expire on Tuesday, were up 4 cents, or 0.06%, at $63.50 barrel. Brent crude futures for June delivery had risen by 25 cents, or 0.37%, to $67.34 a barrel. The more active June contract [Read more]
The innovations driving Canada’s oil and gas sector
Canada’s oil and gas industry throughout the years has seen many innovations help its industry keep pace with the global industry. Along the way, those innovations have helped Canada become one of the world’s leading oil and gas producers. As the industry evolves and changes at rapid levels, mainly due to COVID-19, climate targets, and an increasing demand for energy, Canada and Alberta are well situated to handle those changes and evolutions. Along the way, investments from federal and [Read more]
Leading oil and gas producer overhauls field operations and sees OPEX drop 18%
Oil and gas producers operate in a never-ending market cycle - and it’s not just fluctuating oil prices. From talent shortages, the shift to a low carbon economy and increasing competition from renewables - the new energy landscape requires companies to be adaptable and cost-efficient to survive, and satisfy shareholders. While producers have always relied on well-run, lean operations for performance, the current market puts added pressure on companies to be low-cost operators including in [Read more]
PrairieSky Q1 net profit nearly doubles as revenues increase on higher energy prices
CALGARY - PrairieSky Royalty Ltd. says its net income more than doubled in the first quarter on a nearly 13% increase in revenues on a rise in crude oil and natural gas prices. The Calgary-based company, which collects royalties from oil and gas production on lands for which it has the petroleum mineral rights, says it earned $18.8 million or eight cents per share. That's up from $8.6 million or four cents per share a year earlier when the COVID-19 pandemic had a big impact on the [Read more]
PrairieSky announces 2021 first quarter results
CALGARY, Alberta - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its first quarter ("Q1 2021") operating and financial results for the period ended March 31, 2021. First Quarter 2021 Highlights: • Total revenues of $59.5 million increased 27% over Q4 2020 and 13% over Q1 2020 and was comprised of royalty production revenues of $56.7 million and other revenues of $2.8 million. • Funds from Operations of $48.8 million ($0.22 per [Read more]
One year after crude turned negative, oilpatch relishes first-quarter profit outlook
CALGARY - One year after oil prices crashed to their first and only negative close during a perfect storm of energy demand bad news, Canada's oilpatch is poised to report a first-quarter gush of cash flow thanks to a dramatic recovery in global demand. On April 20, 2020, the U.S. benchmark West Texas Intermediate near-month contract price ended the day down a whopping US$55.90 at an unprecedented –$37.63 per barrel. The negative close was caused by a mix of technical commodities market [Read more]
Gibson Energy enhances its sustainability leadership through the closing of its sustainability-linked credit facility
CALGARY, Alberta - Gibson Energy Inc. announced today that it has become the first public energy company in North America to fully transition its principal syndicated revolving credit facility into a sustainability-linked revolving credit facility. “As part of our efforts to embed the principles of Sustainability and ESG into all aspects of our business, we are very pleased to be first amongst not only our Canadian midstream energy infrastructure peers, but also all public energy companies in [Read more]
Prairie Storm Resources Corp. announces 2020 reserve report and corporate governance updates
CALGARY, AB - Prairie Storm Resources Corp. (TSXV: PSEC) ("Prairie Storm" or the "Company") is pleased to announce the results of its 2020 year-end reserves evaluation and to provide an update on corporate governance matters. RESERVES INFORMATION The Company retained independent reserve evaluators, Sproule Associates Limited ("Sproule") to evaluate the Company's petroleum and natural gas reserves as of December 31, 2020. Reserves information contained herein, which is effective as of [Read more]