CALGARY, April 13, 2020 /CNW/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to announce it has reached a definitive agreement to sell a 12.5% interest in the Glacier Gas Plant to a strategic partner for $100 million cash proceeds. This transaction will fortify Advantage's robust balance sheet during a time of unprecedented volatility and augment the Corporation's ability to pursue strategic opportunities and execute value-generating capital projects. National Bank [Read more]
Headlines
News that deal to cut global oil production has been finalized is welcomed in Canada
News that a deal was finalized by OPEC and other oil producing nations to cut production by nearly 10 million barrels per day is being welcomed in Canada, where provinces have suffered drastic revenue losses due to rock-bottom crude prices. "This is good. We welcome any news that brings stability to global oil markets," Natural Resources Minister Seamus O'Regan said in an emailed statement Sunday. The agreement between the cartel, Russia and other countries came late last week and followed [Read more]
Canada weekly rig count down 6 to 35
Canada’s fleet of active drilling rigs shrank from 41 to 35 since last week according to data from Baker Hughes. Total drilling count was 35 at April 9th. 6 rigs were drilling for oil; 29 for natural gas. The drilling activity in Alberta fell from 29 to 22 since last week. Saskatchewan’s drilling remained at 1 rig. View a full breakdown of Western Canada’s rig activity. [Read more]
Highwood Oil Company Ltd. Provides Revised 2020 Guidance and Operational Update
CALGARY - Highwood Oil Company Ltd. (TSXV:HOCL) ("Highwood" or the "Corporation") announces revisions to the previously announced 2020 capital budget and an update to operations in 2020. 2020 Capital Budget Given the weakness and uncertainty in today's future oil price environment and the advent of the COVID-19 outbreak, Highwood has chosen to cease all non-discretionary capital activity for the balance of 2020 until realized pricing in Western Canada rebounds from these historic lows. [Read more]
Freehold Royalties Ltd. Announces Cost Reductions and Adjusts Dividend for April 2020
CALGARY, Alberta - Reflecting sustained weakness in crude oil prices, Freehold Royalties Ltd. (Freehold) (TSX:FRU) announces that its Board of Directors (the “Board”) has declared a dividend of Cdn. $0.015 per common share to be paid on May 15, 2020 to shareholders of record on April 30, 2020, which is reduced from the previous monthly dividend level of Cdn.$0.0525. At the revised dividend level, Freehold’s funds from operations are forecast to exceed dividend outflows for the remainder of 2020 [Read more]
Alberta not asked by OPEC to curtail -premier
Canada's oil-producing province of Alberta has not been asked by OPEC for further crude curtailments to ease a global glut and has made clear to OPEC and the United States it already did its part, Alberta's premier said on Thursday. The coronavirus pandemic has slashed oil demand as countries shut down much of their economies, and the Organization of the Petroleum Exporting Countries has also flooded the world with additional oil in a dispute with Russia. Alberta's energy minister was [Read more]
Heavy discount widens as OPEC+ debates supply-cut deal
Canadian heavy crude's discount widened modestly versus the U.S. benchmark West Texas Intermediate (WTI) oil on Thursday, as data showed western Canadian crude inventories fell in March and investors awaited details on a massive OPEC supply-cut agreement. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $19.25 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settle of $19 under. Brent LCOc1 futures fell 19 cents to [Read more]
U.S. oil rig count drops to lowest since Dec. 2016
U.S. energy firms cut oil rigs for a fourth week in a row to the lowest since December 2016 with oil futures down over 50% since the start of the year after Saudi Arabia and Russia cut prices and boosted output in a battle for market share. That price war came at the same time government steps to slow the spread of coronavirus have reduced global economic growth and energy demand. Drillers cut 58 oil rigs in the week to April 9, bringing the total count down to 504, energy services firm [Read more]
Even big OPEC+ cuts won’t offset oil demand collapse
OPEC and other major oil producers on Thursday discussed potential big output cuts in the face of a huge fall in demand due to the coronavirus crisis. The Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, began a meeting on Thursday, which was expected include discussion of record cuts equivalent to 10% to 15% of global supplies, although demand has plunged by up to 30%. Analysts say that, even if such record cuts are agreed, [Read more]
Oil prices rise on optimism OPEC+ meeting will result in supply cut
Oil prices rose on Thursday on expectations the world's largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. U.S. West Texas Intermediate (WTI) crude futures were up 2.3%, or 61 cents, at $26.69 a barrel, after earlier climbing by as much as 6.1%. Brent crude futures rose 0.6%, or 64 cents, to $34.30 a barrel. The contract rose to an intra-day high of $33.90, climbing for a [Read more]