Oil prices edged up to their highest in 13 months on Tuesday as supply cuts by major producers and optimism over fuel demand recovery support energy markets. U.S. West Texas Intermediate crude (WTI) for March was at $58.42 a barrel, up 45 cents, or 0.8%. Brent crude futures for April gained 48 cents, or 0.8%, to $61.04 a barrel. Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts are up for the seventh session on Tuesday, the longest win streak [Read more]
Headlines
Cenovus Energy reports $153M Q4 loss compared with $113M profit a year ago
CALGARY - Cenovus Energy Inc. reported a loss in the final quarter of 2020 compared with a profit a year earlier. The company says it lost $153 million or 12 cents per share for the quarter ended Dec. 31 compared with a profit of $113 million or nine cents per share in the fourth quarter of 2019. Cenovus says its operating loss for the quarter totalled $551 million or 45 cents per share for the quarter compared with an operating loss of $164 million or 13 cents per share a year [Read more]
Pat’s Off-Road Transport Ltd announces a new division: Elite Pumping Service Ltd
Please note that there’s another option in the oil and gas industry for pumping and cementing service. Pat's Off-Road Transport Ltd. has a new division: Elite Pumping Service Ltd. is now available for well cementing, Acid work, pressure testing, fluid pumping, back pressure and specialized downhole tools for fracking and perforating, plug and abandonment squeeze. With base shops in Weyburn and Kindersley Saskatchewan, Medicine Hat, Red Deer and Grande Prairie to service the oil and gas [Read more]
Column: Just because the energy industry uses thirty thousand dollar shotguns to blow off its feet doesn’t make it impressive
Sometimes movies are so unrealistic they make you roll your eyes. I’m not talking about obvious cartoonish ones, more like the soft-comedy types that are supposedly relatable to reality. Take, for example, the enduring and endearing reiterations of bands of misfits with scrawny arms and chubby personas, with knock-knees and too-thick glasses that come together and win some sort of championship, while their opponents with the boat shoes and Winkelvoss hair and sweaters with arms tied over [Read more]
Cenovus reports 2020 fourth-quarter and full-year results
CALGARY - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) responded to extreme oil price volatility in 2020 by quickly reducing capital spending as well as strategically managing oil sands production and purchasing curtailment credits to achieve increased output when prices were more favourable. The company generated positive free funds flow in the fourth quarter, partially offsetting the impact of low oil prices on its full-year results. Cenovus’s planned combination with Husky Energy, announced in [Read more]
PrairieSky announces 2020 fourth quarter and year end results, a royalty asset acquisition, and an 8% dividend increase
CALGARY, Alberta - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its fourth quarter ("Q4 2020") and year-end operating and financial results for the period ended December 31, 2020, which demonstrate the benefits of a low-cost, high margin business that delivers free cash flow through all commodity cycles, a royalty asset acquisition, and a dividend increase. Royalty Asset Acquisition and Dividend Increase: • PrairieSky has entered into a [Read more]
Crew Energy announces year end 2020 reserves highlighted by strong metrics for proved developed producing category
CALGARY, AB - Crew Energy Inc. (TSX: CR) (OTC: CWEGF) of Calgary, Alberta ("Crew" or the "Company") is pleased to provide highlights from our independent corporate reserves evaluation prepared by Sproule Associates Ltd. ("Sproule") with an effective date of December 31, 2020 (the "Sproule Report"). 2020 RESERVES HIGHLIGHTS Highlights of our proved developed producing ("PDP"), total proved ("1P") and total proved plus probable ("2P") reserves from the Sproule Report are provided below. [Read more]
U.S. and Canadian natural gas prices soar during arctic freeze
Natural gas prices across North America soared on Monday as homes and businesses cranked up their heaters to escape a blast of arctic air and snow moving from Canada to the U.S. Midwest. "This blast of cold air will likely settle in for multiple days to come," meteorologists at AccuWeather said. High temperatures in Chicago were expected to remain below freezing (32 degrees Fahrenheit or zero degrees Celsius) from Feb. 5-22, AccuWeather said. The normal high in the city at this time of [Read more]
Paramount Resources Ltd. provides production & operations update and announces non-core asset dispositions
CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to report that fourth quarter 2020 sales volumes averaged approximately 73,000 Boe/d (42% liquids), ahead of guidance of 70,000 Boe/d to 72,000 Boe/d. December 2020 sales volumes averaged approximately 78,000 Boe/d (43% liquids). At Karr, fourth quarter sales volumes benefitted from the addition of five new wells (three Upper Montney and two Middle Montney) at the 5-16 West pad, which were brought [Read more]
Tourmaline dusts others as the Licensee company with the most well-depth in January 2021
Tourmaline Oil Corp. continues its impressive run as one of the largest, most efficient producers of oil and gas in Canada. In January 2021 alone, the company has covered a well-depth of over 360 thousand meters which is about 22.6% of all drilling activities in Canada for January. Other very active licensees include Canada Natural Resources and Cenovus with 17% and 11.5% respectively of Canada’s total well-depth at the end of January 2021. Tourmaline's perfect start of the year comes after the [Read more]