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. Earlier this year, we wrote about how after several quiet months of recovery from the dual industry crises beginning in March, A&D work has begun in earnest. Since that time, there’s been major mergers and acquisitions that have [Read more]
Headlines
Seven Generations Energy announces partial redemption of 6.875% unsecured notes due 2023
CALGARY, Alberta - Seven Generations Energy Ltd. (TSX: VII) Seven Generations Energy Ltd. has issued a notice of partial redemption to holders of its 6.875% unsecured notes due 2023 (the “6.875% Notes”) to provide notice of its election to redeem US$180 million of the US$294 million aggregate principal amount currently outstanding on December 31, 2020 (the “Redemption Date”) at a redemption price of 101.719% of the aggregate principal amount of redeemed notes, or $1,017.19 per $1,000.00, [Read more]
U.S. oil producer ConocoPhillips to shed up to 500 workers
ConocoPhillips, the largest U.S. independent oil producer, said on Tuesday that it would lay off up to 500 Houston employees, about a fifth of its headquarters workforce, to match staffing with expected activity levels. Oil and gas producers have cut the value of their assets by about $80 billion and shed tens of thousands of jobs this year as the coronavirus pandemic savaged global energy demand and pushed energy prices down. ConocoPhillips posted a loss of $1.93 billion through the first [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 Dec. 1 Senior Specialist, Communications - External Communications AltaGas Calgary Dec. 1 Senior Advisor, Communications - Internal [Read more]
Heavy discount narrows on first day of monthly trading cycle
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Tuesday, the first day of the monthly cycle when trading becomes more liquid: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $11.15 per barrel below WTI, according to NE2 Canada Inc, narrower than Monday's settlement of $11.55 under. Tight heavy oil supplies for U.S. Gulf refiners are keeping the heavy differential narrow, a Calgary trading source said. [Read more]
OPEC talks on production hit snag as pandemic clouds outlook
FRANKFURT - The OPEC oil producers' cartel was to push ahead with a new round of discussions Tuesday about how much to pump next year as countries wrestled over whether to extend the production cuts that have been supporting prices depressed by the pandemic. Members adjourned a videoconference after a first day of deliberations Monday ended without an agreement. They also put off from Tuesday to Thursday a meeting with non-OPEC oil producers like Russia, who have been co-ordinating their [Read more]
Column: Canada will watch the coming oil boom largely from the sidelines
“…what do I get? A one-way ticket to Palooka-ville!…I coulda had class. I coulda been a contender. I coulda been somebody, instead of a bum, which is what I am. Let’s face it.” On the Waterfront, 1954 Well, that quote fits Canada’s hydrocarbon sector like a glove, despite the fact that it implies we’re all bums. We’re not quite there yet. But we will be soon. Oddly enough, the bums that are left standing may be very rich bums, and I don’t know what that means existentially, but hear me [Read more]
InstaNext expands footprint in the Canadian market
InstaNext Inc., a U.S.based company with a team of energy risk management technology experts, is expanding its physical and financial advisory solutions within the Canadian market. InstaNext now provides in-depth market fundamentals, hedge strategy, execution and management of financial derivatives alongside physical market advisory. The company welcomes Stephanie Barker and Bob Lee to the team to manage and grow the Canadian business. Stephanie has spent 15 years in energy leadership roles [Read more]
Alberta Exchanger Ltd. – it’s time to Reconnect, Repair, Refurbish
“What does your company do”? We work on heat transfer equipment. Alberta Exchanger is in the business of supporting existing operations for heat transfer and pressure equipment. Our strength is in heat exchanger repair, replacement (RIK), and refurbishment. Alberta Exchanger has strong Fabrication capabilities, and Field Services to support our clients. Our success is a result of Quality work, integrity in schedule, and a focus on Customer needs. “I think I’ve heard of you guys”. Serving [Read more]
Oil drops as OPEC+ delays talks, raising supply alarm
Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on 2021 output policy that could extend cuts as the coronavirus pandemic continues to sap fuel demand. West Texas Intermediate was down by 4 cents, or 0.1% at $45.00 a barrel, having dropped 0.4% in the previous session. Brent crude was up 8 cents, or 0.17% at $47.72 a barrel, after dropping more than 1% on Monday. Both contracts surged around 27% in November after [Read more]