U.S. energy firms this week added the most oil and natural gas rigs in a week since January as producers keep returning to the wellpad with crude prices trading around $45 a barrel since late November. The oil and gas rig count, an early indicator of future output, rose 15 to 338 in the week to Dec. 11, energy services firm Baker Hughes Co said in its closely followed report on Friday. U.S. oil rigs rose 12 to 258 this week, while gas rigs rose the most in a week since April 2019, gaining [Read more]
Headlines
Canada plans to ramp up carbon price as part of climate change fight
Canada plans to steadily ramp up its price on carbon, reaching C$170 ($132) a tonne by 2030 compared with C$30 now, as part of its plan to fight climate change, the Liberal government said on Friday. Canada, long lambasted by environmentalists for missing a string of emissions targets, is relying heavily on the measure to help meet 2030 commitments. Starting in 2023, the price will go up by C$15 a year until 2030. "The increasing price will make cleaner options more affordable and [Read more]
Inter Pipeline announces $1 billion spending plan
CALGARY - Inter Pipeline Ltd. says it will shell out $1 billion in capital expenditures in 2021 as it pushes to finish its petrochemical plant. The Calgary-based company says it will spend $800 million next year on the Heartland Petrochemical Complex, which it now expects to start up in early 2022. The update on the plant comes after the company said last month it would find a partner for the plant by the middle of next year. Inter Pipeline says the rest of its capital spending will be [Read more]
Yangarra announces completion of borrowing base review and 2021 capital budget
CALGARY, AB - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX: YGR) completes its semi-annual borrowing base review and sets 2021 Capital Budget. Bank Review The syndicated senior credit facility has been confirmed at $210 million. All other terms remain the same. The Company's banking syndicate is led by Alberta Treasury Branches and includes the Canadian Imperial Bank of Commerce and National Bank of Canada. Capital Budget As a result of improving macro conditions, [Read more]
Inter Pipeline announces capital expenditure program for 2021
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) announced today a $1 billion capital expenditure program for 2021. Approximately $930 million, or 93 percent, of total capital expenditures will be for organic growth initiatives, with the remainder invested in sustaining capital projects. Capital Expenditure Summary 2021 Forecast (millions) Growth Capital NGL Processing $860 Conventional Oil [Read more]
Heavy discount widens to biggest level in nearly 8 months
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Thursday to the biggest level in nearly eight months, reflecting additional production coming online after shut-ins: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12.65 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settlement of $12.15 under. Modest widening is expected in 2021, but with no concerns about storage levels rising too [Read more]
Waterous Energy Fund to oppose the application filed by Osum Oil Sands Corp. with Alberta Securities Commission and has requisitioned a special shareholders meeting to protect shareholders’ right to choose
CALGARY, AB - Waterous Energy Fund ("WEF") acknowledges the filing on December 3, 2020 by Osum Oil Sands Corp. ("Osum" or the "Company") of an application to the Alberta Securities Commission ("ASC"), seeking to cease trade WEF's all-cash offer to acquire up to 52,500,000 common shares of Osum (the "Offer"). WEF is confident in its Offer. WEF will vigorously oppose the application and defend the shareholders' right to choose. Osum's Application to the ASC is an Afront to Shareholder [Read more]
Oil rises on vaccine rollout, concern on Iraq oilfield attack
Oil prices rose on Thursday, buoyed by a COVID-19 vaccine rollout in Britain and the imminent approval of a vaccine in the United States that could spur a rebound in fuel demand, despite a large build in U.S. crude stocks last week. U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.88%, to $46.60 a barrel. Brent crude futures climbed 99 cents, or 2.1%, to $50.04 a barrel. "The market is looking past what looks like a difficult winter and peering into the optimistic lens [Read more]
Crew Energy Inc. announces 2021 capital budget and two-year plan to increase production to drive margin expansion
CALGARY, AB, Dec. 10, 2020 /CNW/ - Crew Energy Inc. (TSX: CR) ("Crew" or the "Company") is pleased to announce that our Board of Directors (the "Board") has approved a capital expenditure budget for 2021 and an innovative asset development plan for 2021 and 2022, which are expected to expand margins through an efficient calibration of Crew's production to match our infrastructure and transportation commitments. Over the next 24 months, Crew plans to increase annual average daily production by [Read more]
Oil & gas holiday wishlist
With Christmas a few weeks away, Santa and his reindeer are prepping for another worldwide tour of handing out gifts, and Canada’s oil and gas sector is hoping to find some presents underneath the tree this year. This year has been one of the hardest on record for the battered and bruised industry, experiencing a once-in-a-lifetime global pandemic and a historic price collapse that saw thousands of people lose their jobs. So with Christmas around the corner, the oil and gas sector has been [Read more]