Canada’s fleet of active drilling rigs is up from 52 last week to 62 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count for the week of September 7 is 62, 22 of which are drilling for oil, 35 for natural gas, and one for potash. Drilling activity by province as of September 11 is 37 in Alberta, 13 in British Columbia, and 10 in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 44 per cent, [Read more]
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U.S. oil & gas rig count falls for the first time in four weeks
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time in four weeks even as a rebound in crude prices from coronavirus lows over the past few months prompted some producers to return to the wellpad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to 254 in the week to Sep. 11, according to data on Friday from energy services firm Baker Hughes Co . That total rig count fell to a record low of 244 rigs during the week ended [Read more]
‘Enough is enough’: Canada’s Montney producers swap oil and gas assets for cash
A wave of consolidation is underway in Canada's Montney oil and gas region as small companies struggling to weather the impact of coronavirus on the energy industry sell their holdings in what just a few years ago was a booming patch. Lockdowns and sharp contractions in economic activity have hammered global oil demand in 2020, pushing prices so low that producers worldwide have made record output and spending cuts. The Montney, which straddles Alberta and British Columbia, has seen at [Read more]
Canada touts plan to cut fuel carbon intensity; refiners fret about costs
The Canadian government says its plan to require reductions in carbon intensity of fuels will boost the economy as it recovers from the coronavirus pandemic, but oil and chemical companies say they are worried it will boost their costs as they struggle to rebound. Ottawa intends to release plans this autumn to reduce the carbon intensity of liquid fuel by 12% by 2030, including by requiring refiners to blend cleaner combustibles with fossil fuels under a Clean Fuel Standard, government and [Read more]
Heavy discount eases slightly, remains at tight levels
Canadian heavy crude's discount versus West Texas Intermediate (WTI) eased on Thursday, remaining at tight levels on supply concerns and improving demand. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $7.45 per barrel below WTI, according to NE2 Canada Inc. It settled on Wednesday at $7.50 under. The differential remains tight due to strong U.S. Gulf Coast demand for Canadian heavy oil, ample pipeline space and recent production outages, [Read more]
ESG- How did a measurement of sustainability become exclusionary to Canadian Oil and Gas?
It seems in this era of disruption that no sooner than a trend becomes popularized, it is diverted from a perceived original purpose. This is increasingly true of ESG- the Environmental, Social and Governance reporting and assessments compiled by asset management companies aimed at achieving sustainable outcomes for investors. The origins of ESG data collection are in the 1990s with the concept of intangible value assessment which according to MSCI.com (Morgan Stanley Capital International) [Read more]
Delphi Energy Corp. announces creditor approval of plan of compromise and arrangement
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that, at creditors’ meetings (the “Meetings”) held today, Delphi’s creditors approved the previously announced plan of compromise and arrangement (the “Plan”) of the Company, Delphi Energy (Alberta) Limited and Delphi Energy Partnership under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) and the Canada Business Corporations Act. Approval of the Plan At the Meetings, 100% of the votes cast by [Read more]
DXI Establishes Date of Share Consolidation and Change of Name
Vancouver, British Columbia - DXI Energy Inc. (NEX: DXI.H) ("DXI" or the "Company") announces that the name change to "DXI Capital Corp.", and consolidation of its common share capital, on the basis of one hundred (100) issued common shares for one (1) new common share, will be effective following the close of trading on September 10, 2020. No fractional shares are to be issued and any fraction will be reduced to the nearest lower whole share. The name change and share consolidation has been [Read more]
Enbridge to resume operation of east segment of line 5 in the Straits of Mackinac
CALGARY, AB and LANSING - Enbridge (TSX: ENB) (NYSE: ENB) will restart the east segment of Line 5 in the Straits of Mackinac after receiving authorization from the Pipeline and Hazardous Materials Safety Administration (PHMSA) and approval from the Michigan Circuit Court. Vern Yu, Executive Vice President and President of Liquids Pipelines said, "The decision to allow the restart of the east segment of Line 5 is very positive for the many residents and businesses in Michigan and the Great [Read more]
Heavy discount widens slightly, outages factored in
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened slightly on Wednesday from levels that were already narrow, with recent production outages factored into prices. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $7.50 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $7.45 under. A Calgary industry source said the heavy differential is already tight, and Imperial Oil Ltd may restart its [Read more]