Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second COVID-19 wave could slow the pace of recovery, a Reuters poll showed on Friday. The survey of 43 analysts and economists forecast benchmark Brent crude to average $41.50 a barrel in 2020, up slightly from the $40.41 consensus in last month's survey and compared with around $42 average for the benchmark thus far this year. It is expected to average $49.85 [Read more]
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Business Rebound – Challenges and opportunities for O&G post-COVID-19
COVID-19 has caused significant disruption to many industries across Canada, but for the O&G industry, layering the pandemic on top of historic market volatility has created some unique challenges for business owners. In this second installment of BDO’s Business Rebound Webinar Series, our expert panel will focus on business resiliency in the O&G sector to discuss: Challenges and opportunities in the post-COVID-19 landscape M&A risks to consider The current [Read more]
Imperial announces second quarter 2020 financial and operating results
CALGARY, Alberta - Imperial Oil Limited (TSX:IMO): Net loss of $526 million primarily driven by lower Upstream realizations and Downstream margins Managed operational and financial impacts of COVID-19 Optimized turnaround activities at key assets with significant cost efficiencies Reduced year-to-date production and manufacturing expenses by over $450 million versus 2019 Year-to-date capital expenditures on track to meet reduced guidance of $1.1 billion to $1.2 billion [Read more]
ExxonMobil reports results for second quarter 2020
Global oversupply and COVID-related demand impacts drive second quarter loss of $1.1 billion On track to meet or exceed 2020 capital and cash operating spend reduction targets Supporting COVID-19 response by reconfiguring operations to increase production of hand sanitizer and raw materials for protective equipment for first responders IRVING, Texas - Exxon Mobil Corporation [Read more]
Chevron announces second quarter 2020 results
Capital and operating cost reductions on track Second quarter loss of $8.3 billion; adjusted loss of $3.0 billion Includes non-cash net charges of $5.2 billion and a $310 million asset sale gain Enters agreement to acquire Noble Energy SAN RAMON, Calif. - Chevron Corporation (NYSE: CVX) today reported a loss of $8.3 billion ($(4.44) per share - diluted) for second quarter 2020, compared with earnings of $4.3 billion ($2.27 per share - diluted) in second quarter 2019. Included in the [Read more]
Bonavista Announces 2020 Second Quarter Results
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista") is pleased to report to shareholders its financial and operating results for the six months ended June 30, 2020. The financial statements and notes, as well as management's discussion and analysis, are available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at http://www.sedar.com and on Bonavista's website at www.bonavistaenergy.com. MESSAGE TO SHAREHOLDERS The devastating health crisis and [Read more]
Altura Energy Inc. provides an update on its credit facility renewal
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Corporation") (TSXV: ATU) provides an update on its credit facility renewal. Altura and its lender have agreed to further extend the credit facility renewal from July 31, 2020 to August 31, 2020 to provide sufficient time to apply for the proposed federal support programs being initiated through the Export Development Bank of Canada and the Business Development Bank of Canada. In the interim, Altura's $9.0 million credit facility that was [Read more]
ARC Resources Ltd. reports second quarter 2020 financial and operational results
CALGARY, AB - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") reports its second quarter 2020 financial and operational results. ARC's unaudited condensed interim financial statements and notes ("financial statements") and ARC's Management's Discussion and Analysis ("MD&A") as at and for the three and six months ended June 30, 2020 are available on ARC's website at www.arcresources.com and on SEDAR at www.sedar.com. ARC delivered strong financial and operational results during [Read more]
Surge Energy Inc. announces second quarter financial and operating results; and corporate update
CALGARY, AB - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter ended June 30, 2020. CORPORATE UPDATE - CRUDE PRICE FUNDAMENTALS IMPROVING 1. Managing The Pandemic: Surge's management team has an established track record of making proactive capital allocation decisions to protect stakeholder's capital. When oil prices were over US $63 WTI in late 2019/early 2020, Surge systematically layered in WTI [Read more]
Cardinal Energy Ltd. announces second quarter 2020 financial results
CALGARY, Alberta - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) is pleased to announce its operating and financial results for the second quarter ended June 30, 2020. Selected financial and operating information is shown below and should be read in conjunction with Cardinal's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three months ended June 30, 2020 which are available at www.sedar.com and on our website at [Read more]