EDMONTON - The Alberta Energy Regulator has suspended a wide array of environmental monitoring requirements for companies in the oilsands. The suspensions have been granted over public health concerns raised by the COVID-19 pandemic. The decision, released earlier this week, affects the operations of Imperial Oil, Suncor, Syncrude and Canadian Natural Resources Ltd. They no longer must test ground and surface water, look for leaking gases, or monitor wildlife and birds. Air-quality [Read more]
Headlines
Oil prices fall as rising U.S. inventories reassert supply concerns
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were down $1.68 at $25.43 a barrel at 0201 GMT. WTI has snapped a five-day winning streak. Brent crude futures were down $2.01 at $30.97 a barrel, or [Read more]
Obsidian Energy announces first quarter 2020 financial and operational results
CALGARY - OBSIDIAN ENERGY LTD. (TSX – OBE, OTCQB – OBEL) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce our first quarter 2020 financial and operational results. All figures are in Canadian dollars unless otherwise stated. Obsidian Energy's unaudited interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") as at and for the three months ended March 31, 2020 can be found on our website at www.obsidianenergy.com. The documents [Read more]
Crescent Point reports $2.32-billion Q1 loss due to plunge in oil prices
CALGARY - Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56 billion due to the plunge in oil prices. The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9 million or less than a penny per diluted share a year ago. Crescent Point says its adjusted net earnings from operations totalled $48.7 million or nine cents per share for the quarter ended March 31 compared [Read more]
Column: Oil market mayhem hard to analyze, even without Russia/Saudi antics
“I’m not a pessimist, I’m an optometrist.” Ricky, lovable imbecile and small-time felon from "Trailer Park Boys" (bless you Netflix) If there is anything funny at all about the COVID-19 experience, other than some very clever memes making the rounds, it’s the way that market commentators, the ones that “give meaning” to the day’s market activity, have been reduced to puddles of gibberish in trying to explain what’s going on. They try hard, oh lord they do try, but the standard reference [Read more]
Quickly get to the front of the line for the alberta site rehabilitation incentive program
On April 24th, Alberta’s provincial government announced the implementation of the Alberta Site Rehabilitation Incentive Program, funded as part of the federal government’s COVID-19 Economic Response Plan, which will allow industry to access up to $1 billion to perform site closure work. The program launched on May 1 and provides grants directly to service companies as a method to get Alberta’s service industry working again. Oil field services contractors are eligible to apply for grants [Read more]
XI Technologies: Open Asset Evaluation for May 2020
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. Succeeding in oil and gas M&A comes down to how well and how quickly you can analyze potential opportunities. Once a month, XI Technologies will apply its evaluation tools to a currently available asset to give readers a sense of [Read more]
Crescent Point announces Q1 2020 results
CALGARY - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce its operating and financial results for the quarter ended March 31, 2020. KEY HIGHLIGHTS Successfully closed the sale of certain gas infrastructure assets for $500 million. Delivered $50 million of permanent operating expense savings, as previously announced. Recently announced $75 million reduction to capital budget with no associated impact to production. Took [Read more]
International Petroleum Corporation first quarter 2020 financial results and corporate update
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis for the three months ended March 31, 2020. Corporate Update In the April 2, 2020 press release, IPC revised its forecast 2020 net average production to be in the range of 30,000 to 45,000 barrels of oil equivalent (boe) per day (boepd), estimated operating costs for 2020 to be in the range of USD 12 [Read more]
Surge Energy Inc. announces first quarter 2020 results
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter ending March 31st, 2020. Q1/2020 CORPORATE UPDATE – NAVIGATING THE PANDEMIC Massive crude oil demand destruction from the COVID-19 pandemic, together with increased oil production from OPEC and Russia, contributed to a dramatic decrease in the price of oil in 1H/20. Consequently, Surge's management and Board acted decisively to protect the Company's [Read more]