CALGARY - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is taking additional action to further enhance the Company's long-term sustainability through additional cost reductions, and is including a revised 2020 outlook. KEY HIGHLIGHTS Lowering 2020 capital expenditures guidance by $75 million, or 10 percent, with no associated impact to production. Maintaining flexibility to further reduce capital expenditures, if necessary. Enhancing [Read more]
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Husky Energy cuts 2020 capital spending to $1.7 billion
2020 capital expenditures cut ~50% from December 2019 guidance Liquidity increased by $500 million to $5.2 billion Integrated Corridor upstream production reduced by over 80,000 bbls/day / U.S. refinery throughput reduced Protection of workers and communities remains top priority CALGARY, Alberta - Husky Energy (TSX:HSE) is significantly reducing capital expenditures and shutting in negative cash margin production as further measures to strengthen its business given market conditions caused [Read more]
U.S. crude oil storage is filling rapidly
U.S. crude storage facilities are filling rapidly, albeit from a low starting level, and tank space will become a problem if the global oil market remains heavily oversupplied in June and beyond. With global lockdowns already sharply reducing demand for oil, a lack of storage would weigh further on already depressed prices, leaving producers with few financial or physical alternatives but to turn off the taps. The system still has the capacity to continue absorbing crude at the current [Read more]
Canada cuts steam-driven oil projects, risking permanent damage
Canada's steam-driven oil facilities are bearing the brunt of output cuts as the industry copes with low prices, and deeper reductions may risk permanent damage to the sites. The COVID-19 pandemic has severely cut fuel demand as the global economy slows, leading refiners to reduce purchases of crude. Canada, the world's fourth-largest oil producer, has started slashing production, but analysts say the biggest cuts lie ahead. Steam-assisted gravity drainage (SAGD) projects heat seams of [Read more]
ConocoPhillips to cut oil production in Alberta, cites weak prices, COVID-19
CALGARY - ConocoPhillips says it plans to cut production at its Surmont oilsands operation in northern Alberta due to low oil prices until market conditions improve. The Houston-based company said in a release that it expects to reduce production at Surmont by approximately 100,000 barrels of oil per day to 35,000 by May. It said given ongoing uncertainty and continued market volatility, the company's previous 2020 guidance items should not be relied upon. "These actions reflect our [Read more]
Canada weekly rig count down 5 to 30
Canada’s fleet of active drilling rigs shrank from 35 to 30 since last week according to data from Baker Hughes. Total drilling count was 30 at April 17th. 7 rigs were drilling for oil; 23 for natural gas. The drilling activity in Alberta fell from 22 to 17 since last week. Saskatchewan’s drilling grew to 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
CAODC commends Federal Government for $1.7 billion investment in well reclamation
The Canadian Association of Oilwell Drilling Contractors is pleased with the Federal Government’s $1.7 billion commitment to the reclamation of abandoned wells at a time when workers in the oil and gas industry are struggling. An investment like this will put well-servicing companies back to work for an extended period, and will also employ many of the ancillary services related to well abandonment such as excavation and transportation companies. Additionally, steady service rig activity in [Read more]
CAPP issues statement recognizing the Government of Canada’s support for the oil and natural gas industry
CALGARY - The Canadian Association of Petroleum Producers (CAPP) recognizes the Government of Canada's support for the oil and natural gas industry, and appreciates the initiatives announced today which will protect about 10,000 jobs across the country. The $1.7 billion announced today, for the closure and reclamation of orphan and inactive wells in Saskatchewan, Alberta, and British Columbia, is welcome news. Reducing environmental liabilities is a priority for the oil and natural gas [Read more]
BDC to increase support to Canadian oil and gas sector companies
MONTREAL - As part of a Team Canada response to the COVID-19 crisis, the Government of Canada, through BDC, Canada's bank for entrepreneurs, and Export Development Canada (EDC) will make available additional financial capacity to help support Canada's oil and gas sector. The commercial support, being developed by BDC and EDC, is intended to help Canada's exploration and production, mid-stream, and oil-field companies navigate these uncertain times. The new measures are aimed at helping [Read more]
U.S. oil rigs see biggest decline in a week since Feb 2015
Oil rigs in the United States saw their steepest cuts since February 2015 as crude prices more than halved since the start of the year despite fresh global efforts by producers to cut output to counter a glut triggered by demand destruction from the coronavirus pandemic. Drillers cut 66 oil rigs in the week to April 17, bringing the total count down to 438, the lowest since October 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an [Read more]