CALGARY, Alberta - Baytex Energy Corp. (“Baytex”) (TSX, NYSE: BTE.BC) announces that its Board of Directors has approved a 2021 capital budget of $225 to $275 million, which is designed to generate free cash flow and average annual production of 73,000 to 77,000 boe/d. “We have re-set our business in response to a volatile crude oil market brought on by Covid-19 and are poised to deliver free cash flow and stable production in a US$40 to US$45 WTI environment. In 2021, we will benefit from our [Read more]
Headlines
Heavy discount widens modestly as supplies grow
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Wednesday as producers continue to cautiously add volumes: Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $12 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settlement of $11.45 under. Improving demand for heavy oil in the U.S. Gulf of Mexico has supported prices, but it will be slow to fully come back during the pandemic, said Martin [Read more]
Clearview Resources Ltd. reports third quarter 2020 results
CALGARY, AB - Clearview Resources Ltd. ("Clearview" or the "Company") is pleased to announce its financial and operational results for the three and nine months ended September 30, 2020. HIGHLIGHTS Over the past several months, the Company has been focused on the completion of three financing initiatives to improve the Company's financial position during these unprecedented times and for the future. These strategic initiatives include: Securing a workable credit agreement with its [Read more]
Sale of Cenovus’s Marten Hills oil assets to Headwater Exploration closes
CALGARY, Alberta - Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) and Headwater Exploration Inc. (TSX:HWX) are pleased to announce the closing of the acquisition by Headwater of Cenovus's assets in the Marten Hills area of Alberta. Pursuant to the transaction, Headwater acquired a 100% working interest in approximately 2,800 barrels per day of medium gravity oil production and 270 net sections of Clearwater rights. The total consideration paid by Headwater to Cenovus for the transaction consists [Read more]
Oil prices steady as market awaits output deal
Oil prices were steady on Wednesday as the market awaits a pact from producers on output and Britain became the first country to approve a COVID-19 vaccine for use, boosting hopes for a future recovery in oil demand. Prices were hit by a surprise build in oil inventories in the United States and as OPEC and its allies created uncertainty with a two-day delay to a formal meeting to decide whether to increase production in January. West Texas Intermediate crude was up 49 cents, or 1.1%, at [Read more]
Katalyst Data Management releases subsurface data search engine for oil and gas industry
Seismic and well data management portal iGlass now features Elasticsearch technology HOUSTON – Katalyst Data Management has launched a new subsurface data search engine, powered by Elasticsearch, in the latest release of their iGlass data management solution. The new release, named iGlass Portal ES, gives oil and gas companies the ability to use freestyle text searches on their seismic and well data volumes. This release marks the first time that Elasticsearch technology has been applied to [Read more]
XI Technologies: Today’s aggressive A&D environment requires proactive strategies
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Earlier this year, we wrote about how after several quiet months of recovery from the dual industry crises beginning in March, A&D work has begun in earnest. Since that time, there’s been major mergers and acquisitions that have [Read more]
Seven Generations Energy announces partial redemption of 6.875% unsecured notes due 2023
CALGARY, Alberta - Seven Generations Energy Ltd. (TSX: VII) Seven Generations Energy Ltd. has issued a notice of partial redemption to holders of its 6.875% unsecured notes due 2023 (the “6.875% Notes”) to provide notice of its election to redeem US$180 million of the US$294 million aggregate principal amount currently outstanding on December 31, 2020 (the “Redemption Date”) at a redemption price of 101.719% of the aggregate principal amount of redeemed notes, or $1,017.19 per $1,000.00, [Read more]
U.S. oil producer ConocoPhillips to shed up to 500 workers
ConocoPhillips, the largest U.S. independent oil producer, said on Tuesday that it would lay off up to 500 Houston employees, about a fifth of its headquarters workforce, to match staffing with expected activity levels. Oil and gas producers have cut the value of their assets by about $80 billion and shed tens of thousands of jobs this year as the coronavirus pandemic savaged global energy demand and pushed energy prices down. ConocoPhillips posted a loss of $1.93 billion through the first [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. 1 Senior Specialist, Communications - External Communications AltaGas Calgary Dec. 1 Senior Advisor, Communications - Internal [Read more]