Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world's third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. West Texas Intermediate (WTI) dropped $1.20, or 1.83%, to $64.49 a barrel, having risen 1.2% in the previous session. Brent crude was down $1.28, or 1.85%, at $67.74 a barrel, after gaining more than 1% on Wednesday. "The path for crude prices [Read more]
Headlines
Pieridae moves closer to June decision on Nova Scotia LNG export plant
Canadian energy company Pieridae Energy Ltd said on Thursday it still expects to make a final investment decision by June 30 on its proposed Goldboro liquefied natural gas (LNG) export plant in Nova Scotia. That would allow the $10 billion project to produce its first LNG in 2025-2026. Pieridae is one of several firms to have delayed projects to build North American LNG export plants as global gas prices fell to their lowest in years in an oversupplied market in 2019 and then to record [Read more]
Surge Energy Inc. announces completion of upsized bought deal flow-through financing; extension of first lien credit facilities into the second half of 2022; preliminary 2022 guidance
CALGARY, AB - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce it has closed the previously announced bought deal public offering (the "Offering") of flow-through common shares ("Flow-Through Shares"). Surge is also pleased to announce that its first lien credit facilities have been extended through to July 1, 2022. Additionally, the Company is announcing 2021 production exit guidance and preliminary 2022 capital and operating guidance. EQUITY FINANCING [Read more]
Canadian oilfield and utility workers adjust to a new world of work
Three key findings from PwC’s field worker survey The pandemic has transformed how we work, not just in the office, but also in the field—for front-line and essential workers and those required to be on the job site to get work done. PwC’s Canadian field worker study* (conducted February 11 to 17, 2021) takes the pulse of Canadian field workers—full or part-time employees who pre-pandemic spent most if not all of their workday in a non-office setting and are employed by a larger company or [Read more]
Tidewater Midstream and Infrastructure Ltd. announces first quarter 2021 results and operational update
Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce that it has filed its condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the three month period ended March 31, 2021. FIRST-QUARTER 2021 FINANCIAL PERFORMANCE Highlights The first quarter of 2021 represented Tidewater's eighth consecutive quarter of Adjusted EBITDA growth. This performance continues to highlight the [Read more]
Pieridae releases Q1 2021 results
Key Highlights: Natural gas production of 215 mmcf/day in Q1 2021, the highest quarterly production in our Company’s history Production of 43,997 boe/day, an increase of 7% compared to the same quarter in 2020 Petroleum and natural gas revenue was $81.9 million, an increase of $17.1 million or 26% compared to the same quarter in 2020 Cash flow from operations of $11.0 million Net Operating Income1 (“NOI”) of $20.9 million increased by 9%, and Adjusted Funds Flow From Operations1 [Read more]
Petrus Resources announces first quarter 2021 financial & operating results
CALGARY, Alberta - Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three months ended March 31, 2021. Petrus is focused on generating free cash flow for debt repayment and further development of its Ferrier Cardium asset. Following extreme market volatility throughout 2020, the first quarter of 2021 brought encouraging signs of rebalancing. Global economies continue to recover, bolstering demand and improving [Read more]
Top U.S. fuel pipeline recovering from devastating ransomware attack
After a six-day outage, the top U.S. fuel pipeline on Thursday moved some of the first millions of gallons of motor fuels to East Coast states after throwing off a crippling cyberattack. The Colonial Pipeline Co, which can carry 100 million gallons per day of gasoline, diesel and jet fuel, resumed computer-controlled pumping after adding safety measures. It will take several days for deliveries to fully recover and interruptions are possible, the company said. The shutdown caused gasoline [Read more]
Vertex Resource Group Ltd. reports first quarter 2021 results
SHERWOOD PARK - (TSXV: VTX) - Vertex Resource Group Ltd. ("Vertex" or the "Company") reports its financial and operational results for the first quarter ending March 31, 2021. The following should be read in conjunction with the Management Discussion and Analysis ("MD&A") and the condensed consolidated interim financials statements of Vertex for three months ended March 31, 2021, which are available on SEDAR at www.sedar.com. Key financial results for the three months ended March 31, [Read more]
Heavy crude differential tightens
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Wednesday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, last traded at $12.60 per barrel below WTI, according to NE2 Canada Inc, narrowing from Tuesday's discount of $12.90 per barrel below the benchmark. Light synthetic crude from the oil sands for June delivery traded at $1.20 per barrel below WTI, according to NE2, the discount widening from Tuesday's settle of 75 cents [Read more]