Oil prices were steady on Friday as reports of sluggish economic growth in China, the world's biggest crude importer, raised concerns about future fuel demand and countered optimism from the signing of the Sino-U.S. trade deal earlier in the week. In the fourth quarter of 2019, the world's second-largest economy increased by an expected 6% from a year earlier, while the full-year expansion was 6.1%, the slowest in 29 years, government data showed on Friday. "A well-expected fourth-quarter [Read more]
Headlines
Column: Another Day, Another Foreign Think Tank Attacking Our Energy Sector
The Institute for Energy Economics and Financial Analysis (IEEFA) has released a report attacking the financial benefits of Teck’s Frontier Mine Project. They claim that the accounting that went into the calculations of these benefits was “misguided and reckless”. Even if oil doesn’t reach the $95 a barrel-like the IEA predicts, the economics at the more modest price in Teck’s shareholder presentation will still be profitable at the current cost of development. This is another shot across the [Read more]
Obsidian Energy Provides Operational and Hedging Update
CALGARY ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to provide an update on our Cardium development program which continues to demonstrate encouraging results as we initiate our 2020 drilling campaign. Additionally, the Company provides the details of recently added hedges to our 2020 program. Cardium Development Program Update All 13 wells from the second half of 2019 were successfully brought online prior to the end of December. Results from the program continue [Read more]
Canada top court rejects bid by British Columbia to regulate oil pipeline
The Supreme Court of Canada on Thursday quickly dismissed an attempt by the western province of British Columbia to regulate what can be transported in a major crude oil pipeline crossing its territory. British Columbia wanted the right to require permits for companies shipping oil and other hazardous substances through the Trans Mountain pipeline, which transports oil from neighboring Alberta. Unusually, the top court delivered its decision immediately after hearing arguments. The [Read more]
Indigenous group vows peaceful pipeline opposition as Canadian police clamp down
An indigenous group that opposes construction of the Coastal GasLink pipeline in British Columbia will refuse workers access to their land, but in peaceful fashion, according to one of its chiefs. The statement comes after Royal Canadian Mounted Police (RCMP) established a checkpoint on Monday for access to a remote, forested area along Coastal GasLink's route, aiming to avoid a repeat of protests a year ago that resulted in arrests. Police last week launched a criminal investigation after [Read more]
Heavy discount touches new 13-month high on big inventories, cold weather
Canadian heavy crude's discount versus U.S. benchmark West Texas Intermediate (WTI) crude widened to a fresh 13-month high on Thursday, amid a cold snap in Alberta and large oil inventories in the province. In cold weather, shippers dilute bitumen volumes with additional ultralight oil, taking up more pipeline capacity. Inventories in Alberta have not yet drained to normal levels after building up late last year due to a temporary outage on the Keystone pipeline and a Canadian National [Read more]
Oil gains after U.S.-China trade deal, fall in inventories
Oil prices rose on Thursday buoyed by the long-anticipated signing of an initial Sino-U.S. trade deal that sets the stage for a jump in Chinese purchases of American energy products, while U.S. crude inventories fell more than expected. U.S. crude was up by 30 cents, or 0.5%, at $58.11 a barrel. Brent was 30 cents, or 0.5%, higher at $64.30 a barrel . Under the so-called Phase 1 deal to call a truce in a trade war between the world's two biggest economies, China committed to buying [Read more]
MEG Energy Announces Preliminary 2019 Fourth Quarter and Full-Year Financial and Operating Data
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY - MEG Energy Corp. ("MEG" or the "Company") (TSX: MEG) announced today its preliminary estimates of expected ranges of certain financial and operating data for the three months and year ended December 31, 2019. The table below presents management's preliminary estimates, based on the information and data currently available, of [Read more]
Pipestone Energy Corp. Provides Its 2020 Capital Budget and Guidance, an Operations Update and Announces the Exercise of an Option to Expand the 8-15 Compression Station
CALGARY - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to provide an update to our operations as well as the release of our 2020 guidance and development plan. “I am very pleased to announce that Pipestone Energy produced approximately 17,700 boe/d during December 2019, well in excess of the top-end of our 2019 exit guidance. Well performance has been strong and in-line with our type curve expectations. Our 2020 capital program is 85% weighted to [Read more]
Enerplus Announces Executive Leadership Retirement and New Chief Operating Officer
CALGARY - Enerplus Corporation ("Enerplus") (TSX & NYSE: ERF) today announced the retirement of Ray Daniels as Senior Vice President, Operations, People & Culture after more than 35 years in the energy industry, including 12 years with Enerplus. Mr. Daniels will remain in his current position until he formally retires in April 2020. In conjunction with Mr. Daniels' retirement, the Company also announced that it has hired Wade Hutchings as Senior Vice President & Chief Operating [Read more]