CALGARY, AB - OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF) ("Obsidian Energy" or the "Company") today announced first half 2021 guidance as the Company continues to advance its development in the Cardium area. A total of $35 million in capital expenditures plus $5 million in decommissioning expenditures is currently budgeted for the first half of 2021, furthering the Company's Cardium development activity in Willesden Green with a planned seven well drilling program that builds on the 2020 [Read more]
Headlines
OPEC+ resumes talks after February split on oil output
OPEC+ resumes debate on Tuesday after talks stumbled over February policy, as Russia led calls for higher output while others suggested holding or even cutting production due to new lockdowns. Debate resumes at 1430 GMT after the group, which combines OPEC and other producers including Russia, failed to find a compromise on Monday. OPEC+ sources told Reuters that Russia and Kazakhstan backed raising production by 0.5 million bpd while Iraq, Nigeria and the United Arab Emirates suggested [Read more]
Suncor to record impairment charge on White Rose assets
All financial figures are in Canadian dollars. CALGARY, Alberta - Suncor today advised that it will record in the fourth quarter of 2020 a non-cash after-tax impairment charge of approximately $425 million on its share of the White Rose asset and West White Rose Project. While the asset is currently producing, the West White Rose Project was intended to access 200 million barrels (gross) of crude oil and extend the life of the White Rose field by approximately 14 years. However, the recent [Read more]
Alberta minister, premier’s chief of staff lose jobs after overseas trips amid COVID-19 curbs
A Cabinet minister for the province of Alberta and the premier's chief of staff have stepped down after travelling internationally over the Christmas holidays despite COVID-19 restrictions, Alberta Premier Jason Kenney said on Monday. Kenney, leader of the United Conservative Party (UCP), said on social media he has accepted the resignation of Municipal Affairs Minister Tracy Allard and asked his chief of staff Jamie Huckabay to step down. Last week, Ontario's Finance Minister Rod Phillips [Read more]
Whitecap Resources Inc. announces closing of NAL Resources, strong finish to 2020 and robust first quarter drilling program
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has successfully completed the previously announced strategic combination with NAL Resources Limited ("NAL") (the "NAL Combination"). Whitecap issued approximately 58.3 million Whitecap common shares in exchange for all the issued and outstanding NAL shares. 2020 was a very challenging year on many fronts, but our financial discipline and operational strength has allowed us to capture [Read more]
Cenovus closes transaction to combine with Husky
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is pleased to announce that its strategic combination with Husky Energy Inc. has closed. The transaction creates a resilient integrated energy leader that is well positioned to provide superior returns for investors over the long term, as well as strong environmental, social and governance (ESG) performance. The transaction was completed through a definitive arrangement agreement announced on October 25, 2020 under which Cenovus [Read more]
Oil prices touch multi-month highs as OPEC+ expected to hold output
Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. U.S. West Texas Intermediate crude touched $49.71 a barrel, the highest since February 2020. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March 2020. February WTI crude futures rose $1, or 2.1%, to $49.52 [Read more]
How does Canada’s Clean Fuel Standard policy work?
Canada published the draft Clean Fuel Standard in December 2020, which is central to the ruling Liberal Party's commitment to cut greenhouse gas emissions 30% below 2005 levels by 2030. The proposed regulation is also a key part of Prime Minister Justin Trudeau's pledge that Canada will hit net-zero emissions by 2050. WHAT WILL IT DO? The Clean Fuel Standard (CFS) requires suppliers of liquid fuels, such as gasoline, diesel, and kerosene, to gradually cut the amount of carbon in their [Read more]
Over 1,200,000 visited the BOE Report in 2020
Over 1,200,000 users (primarily in Canada), visited the BOE Report in 2020. In the most tumultuous year in the energy industry's history, the BOE Report was the go-to place for news, commodity pricing and oil and gas information. The industry's flagship publication received over 7 million pageviews in 2020. The commodity markets page was viewed over 200,000 times as BOE Report readers constantly monitored the unprecedented drop in oil prices in April. The most read news items included: [Read more]
Razor Energy Corp. announces deferral of interest payment
CALGARY, Alberta - Razor Energy Corp. ("Razor" or the "Company") (TSXV: RZE) is announcing that it will be deferring the scheduled December 31, 2020 interest payment to the Alberta Investment Management Corporation (“AIMCo”) under the existing $47.7 million Term Loan Facility (the “Amended Term Loan Facility”). The interest will be capitalized, adding to the principal of the existing Amended Term Loan Facility. The Amended Term Loan Facility matures on January 31, 2021 and bears an interest [Read more]