Development activities have resumed and the company remains firmly on-track to achieve 2020 revised guidance with continuous cost management and improving commodity prices CALGARY, Alberta - Seven Generations Energy Ltd. (TSX:VII): “When the COVID-19 pandemic impacted the world in March, our 7G team rapidly adapted to a new way of working that prioritized the health and safety of our workforce. We also responded quickly and decisively to protect our balance sheet from the pandemic-related [Read more]
Headlines
Enbridge reports strong second quarter
CALGARY, AB - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported second quarter 2020 financial results and provided a quarterly business update. Second Quarter 2020 Highlights (all financial figures are unaudited and in Canadian dollars unless otherwise noted) GAAP earnings of $1,647 million or $0.82 earnings per common share, compared with GAAP earnings of $1,736 million or $0.86 per common share in 2019 Adjusted earnings were $1,133 million or $0.56 per [Read more]
Pieridae secures CAD$6 million account security guarantee facility from Export Development Canada
Pieridae Continues to Gain Support from Key Stakeholders CALGARY, Alberta - Pieridae Energy Limited (Pieridae or the Company) (TSX: PEA.TO) is pleased to announce it has received approval from Export Development Canada (“EDC”) for a CAD$6 million guarantee facility as part of EDC’s Account Performance Security Guarantee (“APSG”) program. The program provides a 100% guarantee to the issuing bank of certain of the Company’s existing and future letters of credit (“LCs”). The APSG will allow [Read more]
XI Technologies: Finding opportunities in phase 3 of Alberta’s Site Rehabilitation Program
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. The biggest part of the government’s response to the oil and gas industry struggles with COVID-19 and international price wars was the implementation of the Site Rehabilitation Program, which started May 1st, 2020. Funded by the [Read more]
Ovintiv reports second quarter financial and operating results
Strong capital efficiency drives lower planned 2020 capital spending, higher expected fourth quarter production Highlights: 2020 planned capital investments reduced to $1.8 billion, the low end of previous expected range of $1.8 – $1.9 billion. Second quarter capital investments were $252 million (compared to guidance of $250 – $300 million). Fourth quarter 2020 average crude and condensate(1) production outlook was increased to 200 thousand barrels per day (Mbbls/d) [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 Jul. 24 Asset Administrator Vertex Sherwood Park Jul. 24 Health & Safety Advisor - 12 Month Contract ARC Resources Calgary Jul. 22 Database & Dashboard [Read more]
Oilsands production expected to rebound after pandemic-linked 2020 slump
CALGARY - A new report predicts Canadian oilsands production will have its biggest annual decline on record this year, dropping by an average of nearly 175,000 barrels per day due to issues associated with the COVID-19 pandemic. But research firm IHS Markit says the step back in 2020 isn't expected to greatly affect the rest of its 10-year forecast. It says it expects oilsands production to reach 3.8 million barrels per day by 2030, down slightly from a previous forecast for 3.9 million [Read more]
CER issues $40,000 Administrative Monetary Penalty to Trans-Northern Pipeline Inc.
TNPI failed to ensure that maintenance activities were conducted to safety standards set out in the company's maintenance safety manual. CALGARY, AB, July - The Canada Energy Regulator (CER) takes action to protect Canadians and the environment, and to prevent damage to pipelines. We regulate natural gas, oil, and commodity pipelines that extend beyond provincial, territorial or national boundaries. Not following proper procedures for operations and maintenance (O&M) activities of a [Read more]
U.S. shale producers, slammed by oil price crash, seen posting worst quarter since 2016
U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected to post their worst second-quarter results since 2016. Oil is down about 35% since January as fuel demand tumbled during economic lockdowns. Results include a modern nadir for crude with U.S. prices averaging less than $17 per barrel in April. "No one expects the second quarter to be anything but [Read more]
Oil prices drop as demand concerns offset U.S. stimulus hopes
Oil prices edged lower on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus. Efforts to stimulate the U.S. economy's recovery from the coronavirus crisis had raised hopes for stronger oil demand. U.S. West Texas Intermediate (WTI) crude futures fell 53 cents, or 1.22%, to $41.17 a barrel. Brent crude futures fell 16 cents, or 0.37%, to $43.28 a barrel. Both benchmarks rose as much as [Read more]