CALGARY, AB - (TSX: PMT) Perpetual Energy Inc. ("Perpetual" or the "Company") herein releases its second quarter 2020 financial and operating results. A complete copy of Perpetual's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2020 can be obtained through the Company's website at www.perpetualenergyinc.com and SEDAR at www.sedar.com. EAST EDSON TRANSACTION On April [Read more]
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Alberta’s new Liability Management Framework – A move in the right direction in unprecedented times
Managing the challenges to Alberta’s oil and gas industry in 2020 has proven to be daunting for the current Alberta government. In 2019, post-election, the government was tasked with addressing Alberta’s thousands of inactive oil and gas wells - changing how those wells are managed and overhauling how that work is paid for including a request for federal funds. The government had been ready to finalize new policy in March this year when the COVID-19 pandemic struck, along with the “fairly [Read more]
Canada weekly rig count up 3 to 45
Canada’s fleet of active drilling rigs grew from 42 to 45 since last week according to data from Baker Hughes. Total drilling count was 45 at July 31. 11 rigs were drilling for oil; 33 for natural gas. The drilling activity in Alberta grew from 28 to 29 since last week. Saskatchewan’s drilling grew from 4 to 5 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. oil & gas rig count holds steady at record low
U.S. energy firms kept the number of oil and natural gas rigs unchanged at a record low as the rig count fell for a fifth straight month, although July marked the smallest monthly decline due to a recovery in prices. The rig count, an early indicator of future output, steadied at the all-time low of 251 in the week to July 31, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. Before this week, the count had hit all-time lows for 12 straight [Read more]
Oil set for fragile recovery as economies limp towards normal
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]
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]