Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Monday, remaining in a narrow range despite lower inventories. Crude oil inventories in Western Canada stood at 29.3 million barrels, or 45% of operational capacity, as of May 29, data provider Genscape said. Oil production in Canada's Saskatchewan province rebounded to 470,000 barrels per day in May, up 71,000 bpd from April, analysts at Tudor, Pickering, Holt & Co said. Western Canada Select (WCS) [Read more]
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Trans Mountain pipeline restarts after light crude spills in Abbotsford, B.C.
ABBOTSFORD, B.C. - Trans Mountain says oil is flowing again through its pipeline after as much 1,195 barrels of light crude spilled from a pumping facility in Abbotsford, B.C. A statement from the Crown-owned company says the pipeline was restarted Sunday afternoon. The line was shut down early Saturday when an alarm was triggered at the Sumas pump station. An investigation continues but Trans Mountain linked the cause to a fitting on a 2.5-centimetre pipe, and says the oil was [Read more]
Oil drops as new coronavirus outbreaks raise fuel demand concerns
Oil fell more than 2% on Monday, extending losses from last week, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks of the virus could weigh on the recovery of fuel demand. U.S. West Texas Intermediate crude futures were down $1.75, or 4.83%, to $34.73 a barrel. Brent crude futures fell $1.26, or 3.24%, to $37.70 a barrel. A cluster of infections in Beijing has increased concern of a resurgence of the disease. The coronavirus [Read more]
After setting a 3 month traffic record, now might be the best time to advertise on the BOE Report
The BOE Report is proud to announce that it has achieved a new record of 1.2 million visits in the last 3 months, with 250 thousand from Alberta alone. We continue to appreciate the support of our readers from all across Canada. The BOE Report is the predominant source for oil and gas news, activity and information for oil and gas producers. Over 400 producing companies use the site every day. Both banner advertisements and sponsored announcements are available. More information can be [Read more]
Whitecap Resources Inc. Announces Publication of 2020 ESG Report and Confirms Monthly Dividend For June of $0.01425 Per Share
CALGARY, AB - Whitecap Resources Inc. (TSX: WCP) released its 2020 Environmental, Social and Governance (ESG) Report on our website today, demonstrating our commitment to sustainable growth and industry leadership. We are the proud operator and majority owner of the Weyburn unit in southeast Saskatchewan where in 2019 we safely and responsibly injected 2.0 million tonnes of CO2 underground compared to our total direct and indirect CO2 emission of 1.4 million tonnes. In addition, we have also [Read more]
Canada’s oil patch cuts back climate efforts under pandemic
Canadian oil sands companies have shelved nearly C$2 billion in green initiatives in a cost-cutting drive to weather the coronavirus pandemic, a reversal in some of their commitments to reduce emissions and clean up their dirty-oil image. International oil firms left Canada in droves in recent years due to the high costs to turn a profit in the sector. Some investors and banks, meanwhile, halted financing in part to pressure the world's fourth-largest crude producer to reduce the [Read more]
Heavy discount narrows, supply cuts in focus
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday, remaining in a narrow band after supply cuts. Deep oil curtailments in Western Canada have opened ample space on pipelines and kept differentials narrower than usual, according to traders. Demand for oil should return to pre-pandemic levels in the second half, adding to supply tightness, Haywood Research said in a note. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, [Read more]
Canada weekly rig count remains at 21
Canada’s fleet of active drilling rigs remained at 21 rigs since last week, according to data from Baker Hughes. Total drilling count was 21 at June 12. 7 rigs were drilling for oil; 14 for natural gas. The drilling activity in Alberta and Saskatchewan remained the same, at 11 and 6 respectively. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. oil & gas rig count hits record low for 6th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a sixth week in a row even as oil prices rebound from historic lows and some producers return to the wellhead. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 279 in the week to June 12, according to data from energy services firm Baker Hughes Co going back to 1940. That was 690 rigs, or 71%, below this time last year. U.S. oil rigs fell [Read more]
Petrus Resources announces extension to credit agreement
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 15, 2020 to June 22, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan. While discussions are ongoing, there is no certainty, nor [Read more]