Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) narrowed on Wednesday, as global oil prices gave up all the gains made this year: WCS heavy blend crude for January delivery in Hardisty, Alberta, traded between $27.00 and $26.45 a barrel under WTI, according to brokerage CalRock, narrowing from the previous session's trading range of $28.25 to $27.50 a barrel under the benchmark. WCS differentials have been narrowing this week as benchmark U.S. [Read more]
Headlines
Athabasca Oil Announces 2023 Budget and Return of Capital Strategy
CALGARY, Alberta, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or “the Company”) is pleased to announce its 2023 budget and return of capital strategy, focused on Free Cash Flow generation and shareholder returns. 2023 Budget and Guidance Highlights Capital Program. Athabasca is planning expenditures of ~$145 million ($120 million Thermal Oil & $25 million Light Oil) with activity primarily focused on sustaining and growth projects at Leismer, a [Read more]
Prospera Energy Inc. announces medium-light oil flowing at 400 barrels per day; production results far exceeding expectations
CALGARY, Alberta, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Prospera Energy Inc. PEI: TSX-V; OF6A: FRA, OTC: GXRFF Prospera is pleased to announce medium-light oil flowing at 400 barrels per day production test results from the recent strategic medium-light oil property acquisition. The Corporation has closed this acquisition of a 50% working interest in Brooks, AB to diversify API product mix to increase margin and PEI asset value. Prospera has recompleted two wells from two distinct pools. One [Read more]
Oil gives up the year’s gains, closing at 2022 low
HOUSTON, Dec 7 (Reuters) - The price of oil fell to its lowest level this year on Wednesday, forfeiting all of the gains since Russia's invasion of Ukraine exacerbated the worst global energy supply crisis in decades. The world's most actively traded commodity surged to nearly $140 a barrel in March, close to an all-time record, following the launch of what Moscow called a "special operation" in Ukraine that has raged ever since. The market has been steadily declining in the latter months [Read more]
Baytex announces 2023 budget with continued focus on free cash flow generation and enhancing direct shareholder returns
Calgary, Alberta - Baytex Energy Corp. (TSX: BTE) ("Baytex") announces that its Board of Directors has approved 2023 exploration and development expenditures of $575 to $650 million, which are designed to generate average annual production of 86,000 to 89,000 boe/d. "We expect to generate record free cash flow in 2022 and our priorities for 2023 remain the same. We will advance development across our high-quality oil weighted portfolio, further delineate our Peavine Clearwater acreage and [Read more]
US to boost natural gas exports to UK in energy partnership
WASHINGTON (AP) — The United States will increase exports of liquefied natural gas to Britain under a new agreement calling for the two countries to work together to boost energy security and drive down prices following Russia’s invasion of Ukraine. President Joe Biden and British Prime Minister Rishi Sunak announced the agreement Wednesday as part of a larger effort to reduce global dependence on Russian energy exports, stabilize Western energy markets and step up collaboration on energy [Read more]
Enerchem’s Waxsol® and Xysol® solvents increase production while reducing treatment costs
Enerchem takes pride in being part of the North American oil industry and is striving to improve our product performance to meet the increasingly demanding needs that our customers require. Enerchem’s line of solvent products helps meet the needs of our customers and lower their associated production costs. Enerchem solvents do not contain additives, provide better formation compatibility, and we can custom manufacture our solvents to help solve unique production challenges. Enerchem [Read more]
XI Technologies: December 2022 Alberta Expiring Land Report
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 Word to the Wise in your inbox, subscribe here. XI Technologies looks at expiring land because it can provide useful business development intel for service companies and E&Ps alike. For service companies, expiring lands provide insight into where drilling activity is most likely to occur [Read more]
Tamarack Valley Energy announces 2023 corporate budget
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) announces its 2023 capital and operating budget. The approved budget prioritizes the delivery of strong and sustainable free funds flow(1), while pursuing a culture focused on safety and operational excellence. "Our strategy of building a resilient asset portfolio coupled with a disciplined approach to profitable investment is delivering consistent year on year sustainable free funds flow(1) growth. In 2023, [Read more]
G7 Russian oil price cap evolves from revenue squeeze to market anchor
When U.S. officials first floated the idea of capping Russian oil export prices in response to a planned European embargo in March, they pledged to squeeze revenues to Russia's war machine, while avoiding a devastating oil price spike. But keeping Russian oil on the market and global prices low soon became the bigger priority as oil prices jumped, people familiar with the mechanism's evolution and energy analysts said. The $60-per-barrel price limit on seaborne crude imposed by G7 [Read more]