Oil and gas output from some of the world's top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented drop in oil consumption due to coronavirus-related movement restrictions that have led to a surge in supplies and a collapse in crude prices to levels not seen in more than two decades. Four of the top publicly-traded oil and gas producers, known as [Read more]
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Oil prices rise on U.S.-China trade tension
Oil prices grew in early trade on Monday, fighting worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery even as coronavirus pandemic lockdowns start to ease. U.S. West Texas Intermediate (WTI) crude futures were up $2.49, or 12.67%, at $22.18. The benchmark contract rose 17% last week. Brent crude futures were up 9 cents, or 0.34%, at $26.68, after touching a low of $25.53. Brent rose about 23% last week following three consecutive [Read more]
Dandelion Group Management Corp is looking for natural gas wells and generators
Dandelion Group Management Corp. (“DGM”) – Canadian based company has an immediate need for up to 2000 Mcf/day of dry, sweet gas in Alberta. DGM is also looking for up to 10 MW Natural Gas Gen Sets (Rent or Purchase). For more information, please contact Jimmy at jimmy.jin@dandelionmanage.com [Read more]
Questerre updates operations
CALGARY, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) provided an update on activities during the COVID-19 crisis. Michael Binnion, President and Chief Executive Officer, commented, “As noted in our annual report, we are focused on preserving liquidity. We entered this year with relatively low debt levels and have a lot of discretion on our capital spending. We deferred all non-essential investment, cutting our budget by over 80% or $15 million. We spent [Read more]
Canada weekly rig count up 1 to 27
Canada’s fleet of active drilling rigs grew from 26 to 27 since last week according to data from Baker Hughes. Total drilling count was 27 at May 1st. 7 rigs were drilling for oil; 20 for natural gas. The drilling activity in Alberta remained at 16. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Highwood Oil Company Ltd. Provides Update on the Red Earth Divestiture
CALGARY, May 1, 2020 /CNW/ - Highwood Oil Company Ltd. (TSXV: HOCL) ("Highwood" or the "Corporation") received notice today from the Alberta Energy Regulator ("AER") that the Red Earth license transfer application has been rejected. The AER had provided their conditional approval of the license transfers on April 24, 2020. The Company is working through the impact of this decision by the AER on the Red Earth Sale Agreement and will provide an update when one is available. [Read more]
AltaGas Ltd. announces election of directors
CALGARY - AltaGas Ltd. ("AltaGas") (TSX: ALA) is pleased to announce the final director election results from its 2020 Annual Meeting of Shareholders held on May 1, 2020 (the "Meeting"). All nominees recommended by management for election were elected for a term ending at the next annual meeting. The detailed results of the vote are set out below: Nominee Votes For % For Votes Withheld % Withheld Victoria A. [Read more]
Canada Energy Regulator responds to incident at Enbridge Line 3 pump station
CALGARY, May 1, 2020 /CNW/ - The Canada Energy Regulator (CER) has been notified by Enbridge of an above ground release of approximately 150 cubic metres of sweet crude oil. The incident occurred at the company's Herschel pump station in Saskatchewan. There is no risk to public safety. Enbridge reported that the majority of the spill was contained to company property with limited oil migrating to adjacent municipal land. No watercourses have been affected and precautionary wildlife [Read more]
TC Energy announces 2020 annual meeting Board of Directors election results
CALGARY, Alberta - News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that at its 2020 annual meeting of shareholders held earlier today, each of the following 14 nominees were elected as directors of TC Energy on a vote by ballot to serve until the next annual meeting of shareholders of TC Energy, or until their successors are elected or earlier appointed: Nominee # Votes For % Votes For # Votes Withheld % [Read more]
North American oil producers slash spending by about 34% amid crude price rout
North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by Reuters showed, following a slump in crude prices. Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude has more than halved to under $20 per barrel. Last month, it crashed into unprecedented negative territory. The world is also witnessing one of its biggest demand shocks, as global travel curbs to prevent the spread of coronavirus have [Read more]