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]
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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]
Oil steadies as surging COVID-19 infections stoke demand concerns
Oil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude. WTI oil rose 43 cents, or 0.69%, at $63.49 a barrel, having gained 6.4% last week. Brent crude gained 38 cents, or 0.57%, at $67.09 a barrel after rising 6% last week. "The progress of vaccination drives in the developed markets can be seen in road traffic [Read more]
Column: CO2 emission limits and economic development
For policymakers in North America and Western Europe, energy policy is often viewed exclusively through the lens of climate change, which takes priority over everything else. But for their counterparts in developing countries, where energy is still scare and expensive, and other social problems are pressing, it is only one of a number of competing objectives. "Taking action to combat climate change" is one of the 17 high-level sustainable development goals agreed by members of the United [Read more]
Canada’s weekly rig count down 7 to 60
Canada averaged 60 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 53% are drilling for natural gas, 38% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 7% are moving. Drilling activity by province is 78% in Alberta and 22% in BC. Precision Drilling holds the majority of the Canadian market share with 32%, Ensign Drilling with 19%, Nabors Drilling with 14%, Horizon Drilling with [Read more]