Clearwater oil production continues to accelerate with an increase of over 23,000 bopd in the last few years. Production comes from three main areas—Marten Hills, Nipisi and Jarvie—along with smaller fields such as Gift, Canal and Cadotte (figure 1). The Clearwater is complex, and understanding the variations and interplay of oil and reservoir quality oil is important to ensure strong productivity as the play progresses. The key productivity factors include reservoir quality, oil quality [Read more]
Headlines
Shell cuts dividend for first time since World War Two
Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic. Shell also suspended the next tranche of its share buyback programme and said it was reducing oil and gas output by nearly a quarter after its net profit almost halved in the first three months of 2020. Shell's shares in London dropped 6.7% in early trading on Thursday, underperforming [Read more]
Global oil price slump hitting Alberta to continue a year post pandemic: Kenney
EDMONTON - Premier Jason Kenney says a global oil glut means Alberta's main industry will be dealing with low prices for a year or longer after the COVID-19 pandemic abates. Kenney says reduced demand for oil and gas during the pandemic coupled with a destructive price war between Saudi Arabia and Russia has left the world awash in oil. He says supplies are so swamped, holding tanks are at the brim and tankers on the U.S. Gulf Coast can't unload. West Texas Intermediate, the benchmark [Read more]
Yangarra announces 2020 first quarter financial and operating results
CALGARY - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) announces its financial and operating results for the three months ended March 31, 2020. Annual General and Special Meeting of Shareholders The Company's Annual General and Special Meeting of Shareholders is scheduled for 10:00 AM on Thursday April 30, 2020. As a precaution due to the COVID-19 pandemic, there will not be a corporate presentation at the conclusion of the meeting and the following conference call [Read more]
Poll: Canadians not-so-extreme about oil
New Canadian think tank SecondStreet.org released public opinion research today that shows a majority of Canadians don’t have the same views towards the oil and gas sector that anti-oil environmental protestors often advocate. The Leger poll shows that Canadians overwhelmingly believe that if Canada keeps its oil in the ground, another country will simply increase its oil production – meaning we’re not really lowering greenhouse gas emission. Further, Canadians overwhelmingly agree that [Read more]
Saturn Oil & Gas Inc. announces reliance on temporary regulatory filing relief
CALGARY, Alberta - Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) today provides the following update on the status of filing its audited annual financial statements, the accompanying management’s discussion and analysis (“MD&A”) and its related CEO and CFO certifications, for the fiscal year ended December 31, 2019 (collectively the “Annual Filings”). Due to the COVID-19 pandemic, the Company will follow the Alberta Securities Commission Blanket Order 51-517 [Read more]
TC Energy completes the sale of Ontario natural gas-fired power plants for proceeds of $2.8 billion
CALGARY, Alberta- News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) today announced that it has completed the sale of its interests in three Ontario natural gas-fired power plants to a subsidiary of Ontario Power Generation Inc. for net proceeds of approximately $2.8 billion prior to post-closing adjustments. The facilities include the 683-megawatt Halton Hills power plant, the 900-megawatt Napanee generating station and TC Energy’s 50 per cent interest in the 550-megawatt [Read more]
Navigating through the application waters for federal grant program
Last week the Federal government announced the eagerly awaited Site Rehabilitation Program. This program will provide grants directly to oilfield service contractors and not licensees, who may apply for and receive grants to complete well, pipeline, and oil and gas site closures, abandonments, and reclamation work on currently inactive well sites. There are still several unanswered questions about the program and the application process which is set to open on May 1st. What we know with [Read more]
Why all eyes will be on the expiry of Brent oil futures this week
The expiry of the June contract for Brent oil futures in Europe on Thursday will possibly be the most watched event in oil markets for some time after the U.S. benchmark plummeted below zero for the first time in history last week. The coronavirus pandemic has killed oil demand as over four billion people are in lockdown and last week, ahead of its contract expiry, U.S. West Texas Intermediate (WTI) futures crashed deep into negative territory making it a liability for anyone holding [Read more]
Husky Energy announces first quarter 2020 dividend and second quarter 2020 preferred shares dividend payments
CALGARY, Alberta - Husky Energy’s Board of Directors has approved a reduction to the quarterly dividend to $0.0125 (Cdn) per common share for the three-month period ended March 31, 2020. The dividend will be payable on July 2, 2020 to shareholders of record at the close of business on June 9, 2020. Regular dividend payments on each of the Cumulative Redeemable Preferred Shares – Series 1, Series 2, Series 3, Series 5 and Series 7 – will be paid for the three-month period ended June 30, 2020. [Read more]