Global crude oil markets have lost about a fifth of their value in 2020 as strict coronavirus lockdowns paralysed much of the global economy, but prices have rebounded strongly from their lows as governments rolled out stimulus. On Thursday, the last trading day of 2020, U.S. West Texas Intermediate (WTI) lost 0.2%, or 11 cents, to $48.29 a barrel. Brent was trading down 25 cents, or 0.5%, at $51.38 a barrel. "It is kind of year-end quiet but a weaker dollar is helping keep a floor [Read more]
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Energy in 2021: The challenges of the coming year
Amid the prognostications over what 2021 will bring for the Energy sector, here are some commonalities that we can expect to be watching, reading, and hearing about. As Canada's energy sector-oil, natural gas, electricity, renewables, etc- makes a “Pandemic pivot”, the Canadian Energy Research Institute is preparing their not-to-be-missed research plans. CERI will be exploring some basic sector pivots such as: how low-cost natural gas means that new production needs to be linked to new [Read more]
Cardinal Energy Ltd. announces closing of private placement
CALGARY, Alberta- Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) announces that it has closed the non-brokered private placement (the "Private Placement") of 2nd lien secured notes for gross proceeds of $16,244,000 and 8,122,000 units (the "Units") at a subscription price of $0.50 per Unit for proceeds of $4,061,000 as announced on December 2, 2020. The proceeds from the Private Placement will be used to repay Cardinal's outstanding 5.50% convertible subordinated debentures which [Read more]
Exxon signals up to $20 bln writedown to overwhelm 4th-qtr gains in oil, chemicals
Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset write down. The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that collided with a downturn in fuel demand and prices. It faces a proxy fight next year by an activist investor calling for deeper cuts, new directors and [Read more]
Eagle Energy Inc. ceases to be a reporting issuer and obtains full revocation of failure-to-file cease trade order
Calgary, Alberta - Eagle Energy Inc. ("Eagle" or the "Corporation") announces that it has obtained from the Alberta Securities Commission and the Ontario Securities Commission, on behalf of each of the provinces of Canada, orders granting its voluntary applications to cease to be a reporting issuer and for a full revocation of a failure-to-file cease trade order issued against Eagle on May 6, 2020 (the "FFCTO"). Effective immediately, Eagle confirms that it has ceased to be a reporting issuer [Read more]
Journey Energy Inc. announces revised closing date for Countess asset sale
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") reports that it's previously announced disposition (see press release dated October 30, 2020) of its Countess area assets has been mutually deferred with the purchaser to a new closing date of February 1, 2021. The assets include Journey's newly commissioned 4.2 megawatt power generation facility, as well as all wells and ancillary facilities in the Countess area. An additional deposit has been received [Read more]
U.S. drillers add most oil and gas rigs in a quarter since Q2 2017
U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row in the best quarter for boosting the rig count since the second quarter of 2017 as producers return to the wellpad with crude prices holding above $45 a barrel. The oil and gas rig count, an early indicator of future output, rose 3 to 351 in the week to Dec. 30, energy services firm Baker Hughes Co said in its closely followed report on Wednesday. During December, the total rig count rose by 31, its fifth [Read more]
Oil up on hopes of recovery in demand, lower U.S. inventories
Oil gained more ground on Wednesday as a U.S. coronavirus fiscal aid package and a decline in crude oil inventories lifted prices. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.18%, to $48.17. Brent crude futures rose 32 cents, or 0.63%, to $51.44 a barrel. "Oil prices have remained supported by a weaker U.S. dollar overnight and have finally found a friend in the API inventory report," said Stephen Innes, chief global market strategist at Axi, a broker. "This morning [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Dec. 24 May 2021 - Polytechnic Student Opportunities TC Energy Calgary Dec. 24 May 2021 - Business/Commerce Student Opportunities TC Energy Calgary Dec. [Read more]
Two workers killed in collision at Suncor oilsands mine near Fort McMurray
FORT MCMURRAY, Alta. - Suncor Energy Inc. says it is standing down mine operations at an oilsands site in northern Alberta following the deaths of two workers. Company spokeswoman Jennifer Lomas says a dozer hit a light-vehicle truck at the Fort Hills mine north of Fort McMurray about 5:30 p.m. Monday. She had no other details about the accident. The two workers were employed by Clearstream, a company contracted for services at the site. Provincial investigators with Occupational [Read more]