Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday. The survey of 43 analysts forecast Brent crude would average $37.58 a barrel in 2020, about 5% above April's $35.84 consensus, but still lower than the $42.37 average so far this year. U.S. West Texas Intermediate crude is seen averaging $32.78 a barrel, up from $31.47 last [Read more]
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Resolving Reconciliations: how to keep it simple
Reserves reconciliation can be confusing (even for the experts). We’re here to help. Join us on June 4th, 2020 at 1:30 PM MST for the first edition of our new Power Up webinar series: Resolving Reconciliations: How to Keep it Simple. During this live 45-minute session, Jodi Anhorn, President and CEO of GLJ, will be helping businesses reporting under NI 51-101 navigate reserves reconciliation. From general questions to case studies addressing how the Canadian Oil and Gas Evaluation [Read more]
Lasting contango in oil: market spread to outlast supply-demand imbalance
While vast cuts by producer countries and renewed fuel consumption from easing coronavirus lockdowns may soon rebalance oil supply and demand, some analysts and traders see a glut in storage keeping the market in contango for much longer. A contango market structure means the current value is lower than it will be in later months and encourages traders to store oil to resell it in the future. An especially skewed spread for oil futures or "super-contango" emerged last month, prompting [Read more]
Inter Pipeline announces $700 million medium term note ffering
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today that it has agreed to issue $700 million of senior unsecured medium-term notes in the Canadian public debt market. The notes will have a fixed interest rate of 4.232% per annum, payable semi-annually, and will mature on June 1, 2027. The offering is expected to close on June 1, 2020. Inter Pipeline will use the net proceeds of the offering to repay indebtedness under its $1.5 billion revolving credit facility, [Read more]
Oilpatch advocates tell MPs help needs to be faster, easier to get
OTTAWA - Representatives from Canada's oilpatch say they don't know of a single energy company that has yet benefited from any of Ottawa's COVID-19-inspired loan programs. Several company owners and industry advocates are painting a grim picture of the state of the country's energy sector today at a virtual hearing of the House of Commons finance committee. Peter Kiss, the president of Morgan Construction and Environmental Ltd., says he has laid off 80 per cent of his staff, watched his [Read more]
Keystone XL pipeline likely to face delays after U.S. court denies stay
A U.S. appeals court in California on Thursday declined to suspend a lower court's ruling that cancelled a national environmental permit, in a decision likely to delay pipeline projects, including the Keystone XL oil pipeline. The U.S. Court of Appeals for the 9th Circuit said in the ruling that the appellants, the Army Corps of Engineers and TC Energy Corp, "have not demonstrated a sufficient likelihood of success on the merits and probability of irreparable harm to warrant a stay pending [Read more]
ELM Inc – BC federal grant program support
On May 25, 2020, the British Columbia Oil and Gas Commission launched the Dormant Sites Reclamation Program (DSRP). The DSRP will access $100 million of federal funding provided to the Province of British Columbia to clean up dormant oil and gas wells as part of the Federal Government’s COVID-19 Economic Response Plan. The funding is being made available in two $50 million increments. The first increment is open for applications until October 31, 2020. Eligible activities under the first [Read more]
Razor Energy Corp. announces first quarter 2020 results
CALGARY, Alberta - Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) announces its first quarter 2020 financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with Razor’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended March 31, 2020 which are available on SEDAR at www.sedar.com and the Company’s website. Q1 2020 [Read more]
Pembina Pipeline Corporation announces closing of $500 million public note offering
CALGARY - Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $500 million of senior unsecured medium-term notes (the "Offering"). The Offering was conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 16 (the "Series 16 Notes") having a fixed coupon of 4.67 percent per annum, paid semi-annually, and maturing on May 28, 2050; and $100 million principal amount [Read more]
Oil gains on rise in U.S. fuel stocks
Oil prices gained in early trade on Thursday after U.S. crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns. U.S. West Texas Intermediate (WTI) crude futures fell as much as 5% to a low of $31.14 and were up 1%, or 33 cents, at $32.55. Brent crude futures last traded up 0.96%, or 36 cents, at $34.54. Data from the American Petroleum Institute industry group showed crude stocks rose by 8.7 [Read more]