U.S. natural gas futures slipped on Friday ahead of the expiration of the May contract, weighed down by a drop in feedgas to Freeport LNG's Texas export terminal and a huge surplus of gas in storage. On its last day as the front-month, gas futures for May delivery on the New York Mercantile Exchange traded 1.5 cents lower, or 0.9%, to $1.62 per million British thermal units (mmBtu) at 10:53 a.m. EDT, after drooping to its lowest since March 26 earlier in the session. Prices are down over 7% [Read more]
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Imperial announces first quarter 2024 financial and operating results
Quarterly net income of $1,195 million Cash flows from operating activities of $1,076 million and cash flows from operating activities excluding working capital1 of $1,521 million Upstream production of 421,000 gross oil-equivalent barrels per day Highest ever first quarter production at Kearl of 277,000 total gross oil-equivalent barrels per day (196,000 barrels Imperial's share) Further progressed Cold Lake Grand Rapids, consistent with plan to ramp up production in coming weeks [Read more]
Canadian Rig Count Summary – Active rig count rises to 123
Canada’s active rig count came in at 123 this morning, 12 rigs more than last Friday. Albertan rig activity grew to 97, an increase of 10 rigs compared to last week. Saskatchewan’s rig count was unchanged through the week, remaining at 3, while BC’s active rig count grew from 21 to 22. This week's modest rig count increase may suggest that an end to the spring breakup could be on the horizon. With respect to target commodities, the number of oil rigs increased from 54 to 58 between April [Read more]
TotalEnergies looking at primary listing in New York, says CEO
French oil major TotalEnergies is "seriously" looking at a possible listing in New York, Chief Executive Patrick Pouyanne told analysts on Friday, to move closer to a majority of U.S.-based shareholders. The Paris-based company says it has 47% of institutional shareholders in the United States, and 39% of all global shareholders are located there. "We had a discussion of the board on the matter of U.S. listing and we all agreed that we have to seriously look at it," said Pouyanne. The [Read more]
US oil refiners’ weekly capacity seen up 340,000 bpd, IIR says
U.S. oil refiners are expected to have about 1.2 million barrels per day (bpd) of capacity offline in the week ending April 26, increasing available refining capacity by 340,000 bpd, research company IIR Energy said on Friday. Offline capacity is expected to fall to 865,000 bpd in the week ending May 3 and to 759,000 bpd in the subsequent week, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday April 26 April 24 April [Read more]
Oil prices on track to snap two-week losing streak
Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East. Brent crude futures gained 31 cents, or 0.4%, to $89.32 a barrel at 0347 GMT, and U.S. West Texas Intermediate crude futures rose by 23 cents, or 0.3%, to $83.80 a barrel. For the week, Brent has gained 2.3% so far, while WTI is up 0.8%. Treasury Secretary [Read more]
Stranded cargo shows credit challenges at Nigeria’s Dangote refinery
Chinese state energy major PetroChina has been waiting to unload a cargo of U.S. crude at Nigeria's giant new refinery for nearly a month due to payment issues, according to four trading sources and shipping data. The impasse highlights difficulties the $20 billion plant funded by Africa's richest man Aliko Dangote faces in its aim to be the biggest refinery on the continent and in Europe when it reaches full capacity this or next year. Dangote aims to reverse the trend by which the [Read more]
Clearview Resources Ltd. reports 2023 year end results
CALGARY, AB, April 25, 2024 /CNW/ - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its reserves report and financial and operational results for the year ended December 31, 2023. 2023 HIGHLIGHTS Disposed of two non-core non-operated assets in 2023 for gross proceeds of $2.1 million at $20,000 per flowing barrel of oil equivalent per day ("boe/d") reducing corporate asset retirement obligations by $2.4 million; Paid a $1.5 million return of capital [Read more]
Vital Energy announces 2023 filing of financials and reserves evaluation and results of the Pembina drilling program
Calgary, Alberta--(Newsfile Corp. - April 25, 2024) - Vital Energy Inc. (TSXV: VUX) (the "Corporation") announces that the Corporations's 2023 Annual Financial Statements, Management's Discussion and Analysis and Forms 51-101 regarding Statement of Reserves Data and Other Oil and Gas Information have been filed on SEDAR (www.sedarplus.ca) and are also available on the Corporation's website (www.vitalenergyoil.com). On October 25, 2023, the Corporation commenced drilling six (6) horizontal [Read more]
Tuktu Resources Ltd. announces 2023 year-end results and reserves
Calgary, Alberta--(Newsfile Corp. - April 25, 2024) - Tuktu Resources Ltd. (TSXV: TUK) ("Tuktu" or the "Company") is pleased to announce the results of its year-end independent oil and gas reserves evaluation as of December 31, 2023 (the "Deloitte Report"), as prepared by its independent reserves evaluator, Deloitte Canada LLP ("Deloitte"), as well as the release of its annual information form ("AIF"), audited annual financial statements ("Financial Statements") and related management's [Read more]