CALGARY, Alberta - Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2020. Results at a Glance Three Months Ended March 31 FINANCIAL ($000s, except as noted) 2020 2019 Change Royalty and other revenue 26,284 35,609 -26 % Net income (loss) (9,022 ) (7,079 ) -27 % Per share, basic and diluted ($)(1) (0.08 ) (0.06 ) -33 % Funds from [Read more]
Headlines
Heavy discount widens as lockdown restrictions ease
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Tuesday, as moves by some countries to ease lockdown measures propelled global oil prices while data showed Canadian crude oil exports to the U.S. fell. Canadian oil exports to the United States dropped to 3.74 million barrels per day (bpd) in March, down 130,000 bpd from 3.87 million bpd in February, Statistics Canada said on Tuesday. Western Canada Select (WCS) heavy blend crude for June [Read more]
TORC Oil & Gas Ltd. announces first quarter 2020 financial & operating results and corporate update
CALGARY - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce financial and operating results for the three months ended March 31, 2020. The associated Management's Discussion and Analysis ("MD&A") and unaudited interim financial statements as at and for the quarter ended March 31, 2020 can be found at www.sedar.com and www.torcoil.com. Highlights Three months ended (in thousands, except per share [Read more]
Saudi Arabia’s oil exports to drop in May as demand slides
Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, industry sources and analysts say. The world's top oil exporter will cut crude production by 23% to about 8.5 million bpd in May and June, under a supply reduction pact with OPEC+ alliance to shore up prices hammered by demand destruction due to the coronavirus-related [Read more]
Oil prices rise on demand prospects as lockdowns start to ease
Oil prices rose on Tuesday, extending gains from the previous session, on expectations that fuel demand will begin to recover as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. West Texas Intermediate (WTI) crude futures rose as much as 8.2% to a three-week high of $22.06 per barrel and were up 6.5%, or $1.33, at $21.72 at 0454 GMT. The U.S. benchmark is on a five-day win streak that started on April 29. Brent crude futures hit a high of [Read more]
MEG Energy cuts capital spending plan again, reports $284M Q1 loss
CALGARY - MEG Energy Corp. cut its capital spending guidance for a second time due to the COVID-19 pandemic as it reported a first-quarter loss of $284 million. The company now expects its capital spending to total $150 million, down from an estimate of $200 million in March and $250 million in its original guidance released late last year. The company is also reducing non-energy operating cost and general and administrative expenses by $20 million and $10 million respectively. The [Read more]
Pieridae & Uniper Agree to Extend Key Deadlines in Their Long-Term LNG Agreement
Goldboro LNG Project Continues to Move Forward CALGARY, Alberta - Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) today announced it has negotiated extensions of the key deadlines under its 20-year agreement with German energy company Uniper Global Commodities (Uniper). These include expected commercial deliveries of gas to Uniper to start between August 31st, 2025 and February 28th, 2026; and the extension to June 30, 2021 of the deadline to make a positive final investment [Read more]
Petrus Resources announces first quarter 2020 financial & operating results
CALGARY, Alberta- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three months ended March 31, 2020. Petrus is focused on generating free cash flow for debt repayment and further development of its Ferrier Cardium asset. The severe impact of the oil demand destruction caused by the COVID-19 pandemic combined with excess oil supplies, has led to extreme volatility in global oil markets, including the first ever [Read more]
Bonavista Energy Corporation Provides Financial Update
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") announces that it has entered into forbearance agreements (the "Forbearance Agreements") with the lenders (the "Lenders") under the Company's amended and restated credit agreement dated as of September 8, 2017 (the "Credit Agreement") and with holders (the "Noteholders") of the Company's senior notes (collectively, the "Notes"). Pursuant to the Forbearance Agreements, the Lenders and the Noteholders have [Read more]
Perpetual Energy Inc. reports first quarter 2020 financial and operating results
CALGARY – Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to release its first quarter 2020 financial and operating results. A complete copy of Perpetual's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2020 can be obtained through the Company's website at www.perpetualenergyinc.com and SEDAR at www.sedar.com. EAST EDSON TRANSACTION On April 1, 2020, the [Read more]