CALGARY, AB - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its 2021 budget guidance, as approved by the Company's Board of Directors, as well as an update on Surge's ongoing Environmental, Social and Governance ("ESG") program. 2021 BUDGET – CONTINUED FOCUS ON SUSTAINABILITY Surge's focus in 2021 continues to be on disciplined capital allocation, with cash flow strategically allocated between capital projects, net bank debt1 repayment, and the Company's [Read more]
Headlines
Cautious optimism rules oilpatch as fourth-quarter reporting season dawns
CALGARY - Canada's oil and gas producers are expected to maintain spending discipline in 2021 as optimism from stronger oil prices is offset by fears of weak demand due to new strains of the COVID-19 pandemic. Analyst Matt Murphy of Tudor Pickering Holt & Co. says he doesn't expect big changes in spending plans as senior members of the energy industry roll out fourth-quarter results over the next few weeks, starting with oilsands and refining giant Imperial Oil Ltd. next week. Nor does [Read more]
Bid to stop fossil fuel companies advertising with City of Regina loses steam
Regina city council is set to discuss a motion to restrict energy companies reliant on fossil fuels from advertising or sponsoring with the city. Last week, a majority of councillors voted in favour of the motion, which is to return to council for a final vote today. The councillor who brought forward the proposal says he's heard concerns from community members over the past week and plans to withdraw his support. Coun. Dan LeBlanc had posted on Facebook that because Regina aims to [Read more]
Oil prices steady as virus deaths rise, demand worries persist
Oil prices were little changed as rising coronavirus deaths fed worries about the global demand outlook, but losses were capped by reports of a blast in Saudi Arabia. WTI crude fell 70 cents, or 1.34%, to settle at $52.03. Brent crude ended the session up down 69 cents, or 1.25%, at $55.32. U.S. crude futures pared losses and Brent crude inched higher in post-settlement trade after data from the American Petroleum Institute showed U.S. crude inventories fell by 5.3 million barrels in the week [Read more]
XI Technologies: New draft of Directive 067 adds liability management requirements to energy licence and approval eligibility
Each week, XI Technologies scans its 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. On January 13, 2021, the AER published a draft for a revised Directive 067: Eligibility Requirements for Acquiring and Holding Energy Licences and Approvals. The AER is currently seeking feedback for this draft, which aims to update [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jan. 26 Temporary 1st Class ABSA Certified Steam Chief Gas Plant Operator Roska DBO Edson Jan. 26 Civil Engineer Brunel Calgary Jan. 25 Accounts Payable [Read more]
Ovintiv reiterates disciplined strategy and focus on value creation
DENVER - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today issued the following statement: Ovintiv has received Kimmeridge's notice of its intent to nominate three director candidates to stand for election to our Board of Directors. We welcome discussions with all shareholders and have a history of open dialogue with all shareholders, including Kimmeridge. Our Corporate Responsibility and Governance Committee will carefully review the nominations. Ovintiv's Board and management team have a track [Read more]
Members of Kenney’s UCP caucus nix NDP bid to seek details of failed Keystone XL deal
EDMONTON - Members of Premier Jason Kenney’s caucus have refused an Opposition NDP bid to make public details of Alberta’s $7.5-billion investment in the failed Keystone XL pipeline project. The eight members of the governing United Conservative caucus rejected an NDP motion in public accounts committee today to ask Kenney for the details, along with any financial risk advice he was given when he made the investment last March. At that time, the Keystone XL line was facing multiple court [Read more]
Cenovus to lay off upwards of 2,000 employees
Over the next two months, Cenovus is planning to lay off upwards of 2,000 employees, with the first round of layoffs expected in early February. After the first round of layoffs, more cuts are to follow in a couple of phases in later February and March. The affected workers will receive termination notices by phone, with work-from-home mandates still in effect. This move comes after Cenovus finalized their deal to buy Husky Energy, a $3.8 billion deal in October, where it was announced [Read more]
Oil prices edge up amid doubts over U.S. stimulus, rising coronavirus cases
Oil prices slightly gained on Tuesday, as hopes for rapid approval of new U.S. economic stimulus faded while new coronavirus infections around the world mount up. WTI increased 3 cents, or 7% to $52.84. Brent crude shot up 12 cents at $56.96, having risen nearly 21% on Monday. Have recently hit 11-month highs, oil is caught between lingering doubts over any recovery in demand as the pandemic continues to rage, offset by optimism for more stimulus from the newly installed Biden [Read more]