U.S. energy companies reduced the number of active oil rigs for a third week in a row in their biggest weekly cut in five years as they slashed spending on new drilling due to a coronavirus-related slump in economic activity and fuel demand. Drillers cut 62 oil rigs in the week to April 3, the biggest weekly drop since March 2015, bringing the total count down to 562, the lowest since March 2017, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil [Read more]
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OPEC+ producers debate possible oil cuts of 10 mln bpd -OPEC source
The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance. U.S. President Donald Trump on Thursday said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15% of global supply. Trump said he made no offer to cut U.S. output. The source added that OPEC+ is [Read more]
PetroFrontier Corp. Announces Proposed Funding Update
Calgary, Alberta - PetroFrontier Corp. (TSXV: PFC) ("PetroFrontier" or the "Company") announces the following: Previously Announced Proposed Funding PetroFrontier advises that the parties involved in the proposed funding transaction announced on October 10, 2019 (the "Proposed Funding") have formally terminated their discussions pertaining to completing the Proposed Funding. Subject to the approval of TSX Venture Exchange, the Company expects trading in the common shares of [Read more]
Altima Announces Completion of Acquisition of Crimson Oil and Gas Ltd., and Provides Project Update
Vancouver, British Columbia - Altima Resources Ltd. (TSXV: ARH) (the "Company" or "Altima") announces it has completed the acquisition from Crimson Energy Ltd. ("Crimson") of all of the issued and outstanding shares in the capital stock of Crimson Oil and Gas Ltd. ("COGL"), a private Alberta corporation wholly owned by Crimson (the "Acquisition"). Refer to News Releases dated September 18, 2018, February 13, 2019 and March 28, 2019. In consideration for the acquisition, the Company has [Read more]
Ovintiv restructures crude oil derivatives to provide additional downside protection; company now plans to reduce second quarter 2020 investments by $500 million
DENVER, April 2, 2020 /CNW/ - Ovintiv Inc. (NYSE, TSX: OVV) restructured its crude oil derivatives positions to provide additional downside protection for the balance of 2020. In addition, the Company now plans to further reduce its second quarter investments by an additional $200 million, bringing total capital reductions in the second quarter to $500 million. Updated hedge and sensitivity tables are included within this release. "We have built our Company with tremendous flexibility and [Read more]
Alberta open to potential global oil cut deal -premier
The Canadian province of Alberta, home to the world's third-largest oil reserves, is open to joining any potential global pact to reduce a glut of crude production, Premier Jason Kenney told Reuters on Thursday. "We would certainly look at it, but really it's the Saudis and the Russians here who are the problem, not Canada," Kenney said in an interview. Alberta has limited its oil production since January 2019. "If we see an effort at a global reduction in production, we would be open to [Read more]
Athabasca Oil Corporation takes further actions in response to the current environment
CALGARY - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is taking further immediate actions in response to the significant decline in global oil prices to bolster balance sheet strength and corporate resiliency. Shut-in of Hangingstone Asset Due to the significant decline in oil prices combined with the economic uncertainty associated to the ongoing COVID crisis, Athabasca has decided to suspend the Hangingstone SAGD operation. This suspension was initiated on April 2, [Read more]
Heavy discount widens amid talk of Saudi-Russia production cut
Canadian heavy crude's discount widened modestly versus the U.S. benchmark West Texas Intermediate (WTI) oil on Thursday, as global prices soared on U.S. talk of Russia and Saudi Arabia making a major production cut. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $16 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settle of $15.75 under. Global oil prices soared as U.S. President Donald Trump said he had spoken to [Read more]
Bill 12 – Proposed changes to the Orphan Well Association to keep Industry jobs and protect the Environment
An interesting bill has been proposed and debated in the Alberta legislature April 1, 2020 - Bill 12, the Liabilities Management Statutes Amendment Act 2020. Bill 12 is proposed to support economic activity in the energy sector considering job losses due to COVID-19 and the recent oil price wars. According to Jason Nixon, Alberta government house leader… “We continue to prioritize the health, safety, security and economic interests of all Albertans during this unprecedented time. We know [Read more]
Trump says oil output cut could be more than 10 mln bbls
U.S. President Donald Trump on Thursday said he had spoken to Saudi crown prince Mohammed bin Salman and that he expects Saudi Arabia and Russia to cut oil output by as much as 15 million barrels per day, as the two countries signaled willingness for a deal. In a pair of tweets, Trump initially said the cut would be about 10 million barrels a day, before later raising the figure. "If it happens," the Republican U.S. president wrote on Twitter, it "will be GREAT for the oil & gas [Read more]