CALGARY, AB--(Marketwired - May 10, 2016) - Husky Energy (TSX: HSE) has reached an agreement for the sale of select assets in southwest Saskatchewan for $595 million to Whitecap Resources. "Today's announcement is another step in the transition of our Western Canada portfolio into a more focused and efficient business," said CEO Asim Ghosh. "Over the past two months we have made significant progress on three major divestiture initiatives that will materially strengthen our balance sheet and [Read more]
Headlines
Whitecap Resources Inc. Announces Acquisition of High Quality Low Decline Oil Assets, $470 Million Financing and Increased 2016 Guidance
CALGARY, ALBERTA--(Marketwired - May 10, 2016) - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX:WCP) is pleased to announce that it has entered into an agreement to purchase premium oil assets ("Assets") in western Canada for cash consideration of $595 million. The Assets are located in southwest Saskatchewan and add 11,600 boe/d (98% oil) of low decline operated production and include significant facility infrastructure for future growth (the "Acquisition"). The Acquisition will [Read more]
Wildfire’s impact on Alberta oilsands industry measured by the numbers
CALGARY - A by-the-numbers look at the wildfire in Fort McMurray, Alta., and its impact on the oilsands industry:12: Number of surface oilsands mines and thermal or underground oilsands operations forced to close.1.1 million: Peak estimated number of barrels per day of oilsands output taken offline.C$65 million: Estimated reduction in daily revenue for energy companies from decline in production.700 million to 900 million cubic feet per day: The reduction in natural gas demand from shuttered [Read more]
Enbridge Inspects Sites for Safe Restart after Wildfires
CALGARY, ALBERTA--(Marketwired - May 10, 2016) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) announced today crews have been inspecting facilities and pipelines in the Fort McMurray region. As fires retreat in some areas, Enbridge workers have been able to conduct field assessments of several of its sites. Inspections of the Athabasca and Cheecham terminal facilities indicate they have been largely unaffected by the fires. Below-ground pipelines along the rights-of-way are typically protected from [Read more]
Alberta natural gas producers could lose money because of wildfire: analyst
CALGARY - The first oilsands mine shut down by wildfires in the Fort McMurray region a week ago has been restarted and optimism is building that many of the largest operations will be producing again in a little as a few days.Shell Canada said Tuesday morning that it had resumed production at its Albian Sands mining operations about 95 kilometres north of Fort McMurray after a seven-day closure.The operations, which include the Muskeg River and Jackpine oilsands mines, have the capacity to [Read more]
No, the US is not an oil swing producer – there’s a pile of bankrupt companies to prove it
A recent article implied that the US is now the global oil swing producer. Actually the article more or less stated it, not implied it. The thesis was based on an interview with some random self-interested market commentator, yet is now well on its way to becoming an accepted truth because of Bloomberg's credibility. Not that half baked theories are anything new to the web, of course; such ill-documented speculation is what breathed life into the internet so stories like this shouldn’t be a [Read more]
Value Planning for Entrepreneurs in the Oil Patch: Ignore Allure of $45 Pricing, Hopes for $70 in 2017
Entrepreneurs in the oil patch have long monitored the daily movements in WTI spot price as a method for gauging future business prospects. Blood is in the streets. Upstream operators, midstream players, master limited partnerships, service companies, are all scrambling for answers. What will the Saudis do? Is the Chinese economy heading towards deep recession? Will prices rise above $70 in 2017? These are viable questions, but there is one fundamental question that should be addressed above [Read more]
BOE Report Podcast Episode 1
On this episode, the BOE Report team discusses: the Fort McMurray wildfire and the impact it has had on oilsands producers, whether or not Saudi Arabia's new oil minister will change the nation's oil production policy, and a chat with Oliver Thomas about the upcoming Uptech Oil and Gas Summit in Banff. Articles mentioned in this episode include the latest from Terry Etam, and a recent piece by Taylor Hulsmans. Get episode on Google Play | iTunes | RSS Hosts Josh Groberman Mike [Read more]
Arsenal Energy Inc. Releases Q1 2016 Results and Operational Update
CALGARY, ALBERTA--(Marketwired - May 10, 2016) - Arsenal Energy Inc. ("Arsenal" or the "Company") (TSX:AEI) (OTCQX:AEYIF) Financial: Arsenal's Q1 2016 financial and operational results were severly impacted by lower commodity prices and lower production. Commodity prices declined 28% from Q4 2015 and 28% from Q1 2015 to $27.21 per boe. Q1 2016 average production of 3,058 boe/d was down 8% from Q4 2015 and 25% from Q1 2015 due to production declines, lack of development and tie-in activities, [Read more]
PrairieSky Royalty Provides Support to Fort McMurray
PrairieSky Royalty would like to express its support for the community of Fort McMurray during this challenging time, and announce that it will be donating $25,000 to the Canadian Red Cross, Alberta Fires Emergency Appeal. PrairieSky has also introduced a program whereby it will match, on a dollar for dollar basis, employee contributions to the Canadian Red Cross. “PrairieSky Royalty is proud to provide support to the community of Fort McMurray,” said Andrew Phillips, President & CEO. [Read more]