Oil prices extended their gains on Monday as traders were optimistic about a recovery in crude demand thanks to successful coronavirus vaccine trials, but price gains were contained by renewed lockdowns in several countries. Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will keep crude output in check. U.S. West Texas Intermediate crude gained 34 cents, or 0.8%, to $42.75 a [Read more]
Headlines
Pipe dreams leave U.S. energy firms caught in climate trap
In remote northern Michigan a propane shortage in early 2014 caused prices to nearly double, squeezing about half of the families there who rely on fossil fuel to heat their homes. Glenda Bowler remembers her son fitting a wood stove at his restaurant as an alternative to propane, which reaches Michigan's Upper Peninsula via a 645 mile (1038 km) pipeline. "Everybody's thermostats got turned down, and you turned to supplemental, like wood or electric to help. I'm old, so I can't go cut [Read more]
Canada’s weekly rig count at 108
Canada averaged 108 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 56 are drilling for oil, 49 are drilling for natural gas, 1 for potash, and 2 for other. Drilling activity by province is 70 in Alberta, 18 in Saskatchewan, 19 in British Columbia, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 32 per cent, Ensign Drilling with 24 per cent, Horizon Drilling with 10 per [Read more]
Survey shows two-thirds of energy company employers cut labour costs due to COVID-19
CALGARY - A survey by energy labour market organization PetroLMI shows that more than two-thirds of the employers in Canada's oil and gas sector imposed labour cost reduction measures in the wake of the COVID-19 pandemic lockdowns, including 37% who enacted permanent layoffs. The division of Energy Safety Canada surveyed 300 energy industry workers in August and September and interviewed 13 company leaders in September and August for its four-part report looking into industry reaction to [Read more]
U.S. oil & gas rig count falls for first week in 10
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time in 10 weeks even as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June. The U.S. oil and gas rig count, an early indicator of future output, fell by two to 310 in the week to Nov. 20, according to data on Friday from energy services firm Baker Hughes Co . The total rig count fell to a record low of 244 during the week ended Aug. 14, while oil rigs alone [Read more]
Economic triage for Canada in the face of green agendas and net-zero
As the Canadian federal government proposed net-zero legislation this week in the House of Commons, issues around net-zero and the green agenda could mean big problems for consumers and significant disconnects for the Canadian economy. This week, in a virtual panel discussion, MP Pierre Poilievre, Jack Mintz, Dan McTeague, and Catherine Swift discussed the UN World Economic Forum's "Great Reset", sustainable development goals, zero-emission goals, the clean fuel standard and attempts to [Read more]
Hibernia Resources III & Cold Bore Technology announce results from 2020 drive to digitize completion operations
Cold Bore Technology’s SmartPAD completions optimization platform deployed across all 2020 pads Hibernia cuts non-pumping time by over 50% on pads during 2020 Replicates double-digit increases in efficiency across multiple sequential pads Estimated cost saving directly attributed to digitization in 2020 - $300,000 Cold Bore Technology Inc. (“Cold Bore”), a leader in completion optimization technology and Houston-based Permian Basin oil and natural gas producer, Hibernia Resources [Read more]
Cenovus and Husky announce leadership team for combined company
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) are pleased to announce the executive leadership team that is expected to lead the combined company created through the strategic combination of Cenovus and Husky announced on October 25, 2020. “We believe it is important to move forward and establish the leadership team for the combined company to ensure we are well-positioned to begin capturing the synergies of this deal immediately after closing,” [Read more]
Gibson Energy announces redemption of 5.25% convertible unsecured subordinated debentures
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta - Gibson Energy Inc. announced today its intention to redeem the entire $99.3 million of principal amount currently outstanding of its 5.25% convertible unsecured subordinated debentures due July 15, 2021 (the “Debentures”). “Through the proactive redemption of the Debentures, we are continuing to optimize our peer-leading capital structure,” said Sean Brown, Senior Vice President and Chief Financial Officer [Read more]
CAPP issues statement on Canadian Net-Zero Emissions Accountability Act
CALGARY, AB - In response to the Canadian Net-Zero Emissions Accountability Act introduced by the Government of Canada on November 19, 2020, CAPP issues the following statement: "The Canadian Association of Petroleum Producers is committed to working with the Canadian government to meet emissions reduction objectives, which includes the ambition to achieve net-zero by 2050. This is a 30-year challenge that will have significant impact on all Canadians and require collaboration across [Read more]