Oil prices rose on Wednesday after data showed a rise in crude and fuel stockpiles in the United States, reviving concerns about oversupply and falling fuel demand in the world's largest crude consumer amid the coronavirus outbreak. West Texas Intermediate (WTI) futures grew $1.33, or 3.54%, to $39.71 a barrel, having risen about 2% in the previous session. Brent crude futures rose $1.04, or 2.55%, to $41.86 a barrel after gaining nearly 1% on Tuesday. Both contracts rose to their [Read more]
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Column: Why do some despise critical fuel providers? Part of the answer originates on Wall Street
Anyone out there know what 1MDB is? You likely guessed the singular of 3,4-methylenedioxybutanphenamine, who wouldn’t, and you’re not wrong, but it’s also something even more interesting. The good news is that it has nothing to do with coronavirus, racism, or the temperature of the planet. The bad news: it has to do with Wall Street, and if that makes you shiver, it should. 1MDB has an indirect but real impact on the quagmire Canadian oil and gas is in. 1MDB stands for 1 Malaysia Development [Read more]
Vertex Resource Group Ltd. reports fourth quarter and fiscal 2019 financial results
Revenue of $40.7 million and Adjusted EBITDA of $4.5 million for the fourth quarter of 2019. Revenue of $168.1 million and Adjusted EBITDA of $22.3 million for the year ending December 31, 2019. Sherwood Park, Alberta, June 9, 2020 (TSXV:VTX) - Vertex Resource Group Ltd. (“Vertex” or the “Company”) reports its financial and operational results for the fourth quarter and year ending December 31, 2019. The following should be read in conjunction with the Management Discussion and Analysis [Read more]
XI Technologies: Will you be ready when M&A opportunities pick up?
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. As the world begins to carefully re-open in response to improving COVID-19 numbers and successful social distancing measures, the focus for the oil and gas industry starts to shift from survival to opportunity. While commodity pricing [Read more]
AltaGas Ltd. closes $500 million medium term note offering
CALGARY - AltaGas Ltd. ("AltaGas") (TSX: ALA) today announced that it has completed its issue of $500 million of senior unsecured medium term notes (the "Notes") with a coupon rate of 2.157 percent, maturing on June 10, 2025 (the "Offering"). The net proceeds resulting from the Offering will be used to pay down existing indebtedness under AltaGas' credit facility and for general corporate purposes. As a result, AltaGas expects that the Offering will be leverage neutral. Additionally, [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 Jun. 9 Relief Plant Operator / 4th or 3rd class Power Engineer Roska DBO Drayton Valley Jun. 9 Production Analyst Brunel Calgary Jun. 8 Warehouse 3 CA [Read more]
AER statement regarding temporary suspension of low risk monitoring and reporting
In response to public health orders issued by the Government of Alberta, members of Alberta’s energy industry have submitted information to the Alberta Energy Regulator (AER) about conflicts between these orders and AER requirements. These conflicts mean that following one set of requirements puts them in noncompliance with the other set. The AER developed a process to resolve these conflicts while ensuring that the environment and the health and safety of Alberta communities and industry [Read more]
Heavy discount widens slightly
Canadian heavy crude's discount widened slightly versus the U.S. benchmark West Texas Intermediate (WTI) on Tuesday, but remained relatively narrow following deep Canadian production cuts. Little of Canada's production that has been curtailed this year due to low prices has been restored, a Calgary-based trader said. WTI needs to trade over $40 to provide incentive for meaningful volumes to return, the trader said, predicting that this may happen by August. Western Canada Select (WCS) [Read more]
U.S. crude output decline in 2020 to be steeper than previously expected
U.S. crude output is set to fall by 670,000 barrels per day (bpd) in 2020 to 11.56 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, steeper than the 540,000 bpd decline it forecast previously as drillers have slashed activity. The agency now expects U.S. petroleum and other liquid fuel consumption to plunge 2.4 million bpd to 18.06 million bpd in 2020 compared with its previous forecast for a drop of 2.19 million bpd. Oil prices collapsed this year as the [Read more]
Oil down on stronger dollar, oversupply concerns
LONDON (Reuters) - Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts. West Texas Intermediate (WTI) crude fell 14 cents, or 0.3% to $38.10 per barrel. Brent crude was down 28 cents, or 0.69% to $40.49 a barrel. A “slightly stronger U.S. dollar... is weighing on crude prices. Also the prospect of higher production from Saudi Arabia, Kuwait, UAE and Oman in July is not [Read more]