Canadian heavy crude's discount narrowed slightly versus the U.S. benchmark West Texas Intermediate (WTI) oil on Wednesday, as Canada's largest oil producer signaled support for government curtailments to ease storage pressure amid a global glut. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $19.50 per barrel below WTI, according to NE2 Canada Inc, narrower than Tuesday's settle of $20.25 under. "Canadian storage capacity is going to be [Read More…]
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COVID-19 plan key part of Keystone XL construction acceleration, says CEO
The CEO of TC Energy Corp. says the company is fine-tuning its plan to guard against the spread of COVID-19 as it moves ahead with site preparation for the US$8-billion Keystone XL Pipeline project. Russ Girling says crews are working on right-of-way clearing and moving pipe and equipment into position while starting to drill river crossings and constructing the border crossing into Canada from northern Montana. Major pipe-laying activity on the route from Hardisty, Alta., to Steele City, [Read More…]
Canadian Natural Resources signals support for broad Canada oil output cut
Canadian Natural Resources Ltd , Canada's biggest oil producer, would support any commitment by the federal government to cut oil production as long as it was applied fairly to the industry, company president Tim McKay said on Wednesday. "We supported curtailments here in Alberta to help balance the market when you have these issues," McKay told a virtual investor conference hosted by Bank of Nova Scotia and the Canadian Association of Petroleum Producers. "To me, as long as it's a [Read More…]
Oil prices jump on hopes for OPEC, Russia meeting on output cuts
Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude rose 70 cents, or 3%, to $24.84 a barrel after dropping 9.4% in the previous session. Brent crude was up by 1 cent at $32.36 per barrel by 0246 GMT after falling 3.6% on Tuesday. Thursday's videoconference [Read More…]
OPEC+ talks face challenges over baseline for cuts and U.S. role
OPEC and its allies are due to hold talks on Thursday to discuss the biggest coordinated supply production cut in history but they must agree on two major points: the levels from which any cuts should be made and how the United States will respond. U.S. President Donald Trump said last week he had brokered a deal between Russia and Saudi Arabia to cut 10 million to 15 million barrels per day (bpd) of crude, or 10 to 15% of global oil supplies. The coronavirus crisis has slashed demand by [Read More…]
Column: Saudi – Russia price war affects Canada too
The effect(s) of the Russo-Saudi squabble on Canada. It could be argued that Saudi Arabia’s labelling of the USA could well partially apply to Canada. While senators from oil-producing states might want someone else to cut back, the Saudis might well argue that the current situation would be easier to deal with had the U.S. not doubled its oil production in less than a decade. Whichever side prevails, the geopolitical wrestling match could end up squeezing the US and also Canada. Will there [Read More…]
XI Technologies: Bill 12 just passed – what you need to know
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. On Thursday, April 2, 2020, Bill 12: Liabilities Management Statutes Amendment Act, passed the third reading in the Alberta Legislature. The Bill will enable the Orphan Well Association (OWA) to better manage and accelerate the [Read More…]
Altura Energy Inc. Provides a Corporate Update
CALGARY - Altura Energy Inc. ("Altura", or the "Corporation") (TSXV: ATU) announces a voluntary curtailment of production volumes and a revision to its credit facility. The COVID-19 pandemic and the recent actions of OPEC and Russia abandoning production quotas has resulted in an unprecedented decline in crude oil prices. In response to these events Altura is voluntarily curtailing production volumes in April to its hedged oil production of 300 barrels of oil per day, which is approximately [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 Apr. 6 Labourer Roska DBO Grande Prairie Apr. 2 Project Controls Manager TC Energy Calgary Apr. 2 Environmental Advisor - Post Construction Monitoring TC [Read More…]
Suncor Energy announces $1.25 billion medium term note offering
All financial figures are in Canadian dollars CALGARY, Alberta - Suncor announced today that it will issue $1.25 billion of senior unsecured Series 7 Medium Term Notes due on April 9, 2030 (the “Notes”). The Notes will have a coupon of 5.00% and have been priced at $99.697 per $100 of Notes to yield 5.039%. The offering is expected to close on April 9, 2020, subject to customary closing conditions. Suncor intends to use the net proceeds from the sale of the Notes to repay short-term [Read More…]
