CALGARY - The Petroleum Services Association of Canada has revised its 2020 Canadian drilling forecast to an almost 50-year record low of 3,100 oil and gas wells, a level not seen since 2,900 wells were drilled in 1972. PSAC interim CEO Elizabeth Aquin says more than $7 billion of capital investment in the energy sector has been cancelled to date this year thanks to demand destruction from measures to deal with the COVID-19 pandemic and a supply surplus due to an oil price war between Russia [Read more]
Headlines
Whitecap Resources posts $2.1-billion loss on oil price related asset writedown
CALGARY - Oil producer Whitecap Resources Inc. is reporting a $2.1-billion net loss for the quarter ended March 31 thanks mainly to a $2.9-billion non-cash writedown in the value of its assets due to low oil prices. The Calgary-based company says it is also shutting down low profitability wells producing about 2,000 barrels of oil equivalent per day to avoid selling at current prices. It now expects to produce about 66,000 boe/d this year. Whitecap, which produces conventional oil [Read more]
Oil prices surge over 10% amid early signs of U.S. fuel demand recovery
Oil prices jumped on Thursday, extending steep gains in the previous session on signs the U.S. crude glut is not growing as quickly as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up. West Texas Intermediate (WTI) crude futures climbed to a high of $17.35 a barrel and were up 14.3%, or $2.15, at $17.21 at 0350 GMT. The U.S. benchmark surged 22% on Wednesday. Brent crude rose 10.3%, or $2.33 to $24.87 a barrel in light trading, with the June [Read more]
Trump told Saudis: Cut oil supply or lose U.S. military support
As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters. The threat to [Read more]
Win $500 for your #EnergyEssentials
Show your support for the Canadian Energy Industry Are you ready for some good news? Debunk is proud to present the 'Show us your Energy Essentials $5000 Cash Giveaway!’ The past few weeks have been tough for everyone and Debunk wanted to do a little something to help out. Every day, until Sunday May 3, 2020, Debunk will be giving away $500 cash to individuals who show the #EnergyEssentials they're most grateful for right now. Energy is essential. It's supporting our heroes during this [Read more]
Point Loma Resources announces the execution of a letter of intent to farmout exploratory lands where up to three horizontal wells may be drilled
CALGARY, AB - Point Loma Resources Ltd. (TSXV:PLX) ("Point Loma" or the "Corporation"), which controls a land base of over 161,000 net acres (250 net sections) and a deep inventory of oil and gas opportunities, is pleased to announce the execution of a binding letter of intent (the "LOI") outlining a farmout agreement with a private company ("Privco" or the "Farmee") which includes a commitment by Privco to drill a horizontal well on at least one of the Corporation's oil and gas projects. The [Read more]
AltaGas announces strong first quarter results
AltaGas' integrated Utility and Midstream strategy continues to provide stable and reliable results. Our teams on the frontlines are delivering safe and reliable energy to our customers and communities. CALGARY, April 30, 2020 /CNW/ - AltaGas Ltd. (AltaGas or the Company) (TSX: ALA) today reported first quarter 2020 financial results and provided an update on its operations and outlook, inclusive of COVID-19 considerations. HIGHLIGHTS (all financial figures are unaudited and in [Read more]
ConocoPhillips reports first-quarter 2020 results; announces quarterly dividend and additional curtailments
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported a first-quarter 2020 loss of $1.7 billion, or ($1.60) per share, compared with first-quarter 2019 earnings of $1.8 billion, or $1.60 per share. Excluding special items, first-quarter 2020 adjusted earnings were $0.5 billion, or $0.45 per share, compared with first-quarter 2019 adjusted earnings of $1.1 billion, or $1.00 per share. Special items for the current quarter were primarily driven by an unrealized loss on Cenovus Energy [Read more]
Whitecap Resources Inc. announces first quarter 2020 results and total 2020 reductions of $300 Million
CALGARY - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited consolidated financial results for the three months ended March 31, 2020. Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis for the three months ended March 31, 2020 which are available at www.sedar.com and on our website [Read more]
Bonterra Energy Corp. announces extension of bank line redetermination date, corporate update and confirms new board nominees
CALGARY - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the "Company") today confirms its syndicate of lenders has extended the annual borrowing base redetermination date on its credit facility, and announces two new Director nominees to stand for election at the Company's upcoming 2020 Annual General & Special Meeting ("AGSM") of shareholders. EXTENSION OF BANK LINE REDETERMINATION DATE Bonterra's syndicate of lenders has confirmed an extension to the [Read more]