Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. U.S. West Texas Intermediate crude touched $49.71 a barrel, the highest since February 2020. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March 2020. February WTI crude futures rose $1, or 2.1%, to $49.52 [Read more]
Headlines
How does Canada’s Clean Fuel Standard policy work?
Canada published the draft Clean Fuel Standard in December 2020, which is central to the ruling Liberal Party's commitment to cut greenhouse gas emissions 30% below 2005 levels by 2030. The proposed regulation is also a key part of Prime Minister Justin Trudeau's pledge that Canada will hit net-zero emissions by 2050. WHAT WILL IT DO? The Clean Fuel Standard (CFS) requires suppliers of liquid fuels, such as gasoline, diesel, and kerosene, to gradually cut the amount of carbon in their [Read more]
Over 1,200,000 visited the BOE Report in 2020
Over 1,200,000 users (primarily in Canada), visited the BOE Report in 2020. In the most tumultuous year in the energy industry's history, the BOE Report was the go-to place for news, commodity pricing and oil and gas information. The industry's flagship publication received over 7 million pageviews in 2020. The commodity markets page was viewed over 200,000 times as BOE Report readers constantly monitored the unprecedented drop in oil prices in April. The most read news items included: [Read more]
Razor Energy Corp. announces deferral of interest payment
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is announcing that it will be deferring the scheduled December 31, 2020 interest payment to the Alberta Investment Management Corporation (“AIMCo”) under the existing $47.7 million Term Loan Facility (the “Amended Term Loan Facility”). The interest will be capitalized, adding to the principal of the existing Amended Term Loan Facility. The Amended Term Loan Facility matures on January 31, 2021 and bears an interest [Read more]
Oil set for 20% drop in 2020 as lockdowns weigh, market eyes more stimulus
Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus. On Thursday, the last trading day of 2020, U.S. West Texas Intermediate (WTI) lost 0.2%, or 11 cents, to $48.29 a barrel. Brent was trading down 25 cents, or 0.5%, at $51.38 a barrel. "It is kind of year-end quiet but a weaker dollar is helping keep a floor [Read more]
Energy in 2021: The challenges of the coming year
Amid the prognostications over what 2021 will bring for the Energy sector, here are some commonalities that we can expect to be watching, reading, and hearing about. As Canada's energy sector-oil, natural gas, electricity, renewables, etc- makes a “Pandemic pivot”, the Canadian Energy Research Institute is preparing their not-to-be-missed research plans. CERI will be exploring some basic sector pivots such as: how low-cost natural gas means that new production needs to be linked to new [Read more]
Cardinal Energy Ltd. announces closing of private placement
CALGARY, Alberta- Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces that it has closed the non-brokered private placement (the "Private Placement") of 2nd lien secured notes for gross proceeds of $16,244,000 and 8,122,000 units (the "Units") at a subscription price of $0.50 per Unit for proceeds of $4,061,000 as announced on December 2, 2020. The proceeds from the Private Placement will be used to repay Cardinal's outstanding 5.50% convertible subordinated debentures which [Read more]
Exxon signals up to $20 bln writedown to overwhelm 4th-qtr gains in oil, chemicals
Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset write down. The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that collided with a downturn in fuel demand and prices. It faces a proxy fight next year by an activist investor calling for deeper cuts, new directors and [Read more]
Eagle Energy Inc. ceases to be a reporting issuer and obtains full revocation of failure-to-file cease trade order
Calgary, Alberta - Eagle Energy Inc. ("Eagle" or the "Corporation") announces that it has obtained from the Alberta Securities Commission and the Ontario Securities Commission, on behalf of each of the provinces of Canada, orders granting its voluntary applications to cease to be a reporting issuer and for a full revocation of a failure-to-file cease trade order issued against Eagle on May 6, 2020 (the "FFCTO"). Effective immediately, Eagle confirms that it has ceased to be a reporting issuer [Read more]
Journey Energy Inc. announces revised closing date for Countess asset sale
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") reports that it's previously announced disposition (see press release dated October 30, 2020) of its Countess area assets has been mutually deferred with the purchaser to a new closing date of February 1, 2021. The assets include Journey's newly commissioned 4.2 megawatt power generation facility, as well as all wells and ancillary facilities in the Countess area. An additional deposit has been received [Read more]