The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world's demand for oil may peak. The rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. BP - Could be as early as 2019 BP forecasts COVID-19 will knock around 3 million barrels per day (bpd) off by 2025 and 2 million bpd by 2050 in its central [Read more]
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Highwood Oil Company Ltd. announces third quarter 2020 results
CALGARY, AB - Highwood Oil Company Ltd., ("Highwood" or the "Company") (TSXV: HOCL) is pleased to announce financial and operating results for the quarter ended September 30, 2020. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the quarter ended September 30, 2020, can be found at www.sedar.com and www.highwoodoil.com. Highlights Average production of 1,585 bbl/d of oil in the third quarter of 2020, [Read more]
Imperial Oil to lay off 200 workers following cost-cutting analysis
Calgary-based Imperial Oil Ltd. says it will lay off about 200 of its 6,000 employees as part of a cost-cutting initiative. The company, which has been reluctant to reduce staff during the current and previous industry downturns, also confirms it has reduced the number of contractors it employs by about 450 since the start of the year. Imperial committed in March to cut spending by $1 billion, including a $500 million reduction in capital spending plus $500 million in lower operating [Read more]
Explaining cloud accounting and what it means for oil and gas businesses
Business owners in the oil and gas industry are focused on finding solutions to help them adapt to today’s challenges. Agility and organization are two key attributes for navigating your organization through this critical period. You need to be agile so you can adapt to new situations to realize opportunities quickly and organized so you can make sure you’re getting paid for your hard work. What’s holding you back from being agile and organized? For many oil and gas clients we work with, it’s [Read more]
Assessing Western Canada’s readiness to compete in an emerging hydrogen economy
Western Canada has a challenge. And an opportunity. The challenge is that due to global focus on reducing greenhouse gases, fluctuating prices and demand for fossil fuels, and increased public scrutiny on the oil and gas industry in general, it is necessary for us to look for new ways to diversify and respond to these ongoing pressures. The opportunity is that beneath our feet sits the Western Canadian Sedimentary Basin. Its rich hydrocarbon deposits have been at the heart of our industry [Read more]
Delphi Energy Corp. files third quarter 2020 results
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) announces that it has filed its interim financial statements and related management’s discussion and analysis for the three and nine months ended September 30, 2020 with the Canadian securities regulatory authorities on SEDAR. About Delphi Energy Corp. Delphi Energy Corp. is an industry-leading producer of liquids-rich natural gas. The Company has achieved top decile results through the development of our high quality Montney [Read more]
Briko Energy Corp. announces third quarter 2020 financial and operating results
Calgary, Alberta - Briko Energy Corp. ("Briko" or the "Corporation") is pleased to report its financial and operating results for the three and nine months ended September 30, 2020. Financial and operational information is set out below and should be read in conjunction with Briko's September 30, 2020 condensed unaudited interim financial statements and the related management's discussion and analysis ("MD&A"). Briko's condensed unaudited interim financial statements and MD&A are [Read more]
AltaGas Ltd. announces aggregate $700 million medium term note offerings
CALGARY, AB - AltaGas Ltd. ("AltaGas") (TSX: ALA) today announced that it has agreed to issue $500 million of senior unsecured medium term notes (the "7.5 Year Notes") with a coupon rate of 2.075%, maturing on May 30, 2028 and $200 million of senior unsecured medium term notes (the "10 Year Notes") with a coupon rate of 2.477%, maturing on November 30, 2030 (the "Offering"). The Offering is expected to close on or about November 30, 2020. The net proceeds resulting from the Offering will be [Read more]
Crude-by-rail shipments bounce back from summer lows in September, says CER
CALGARY - Canadian exports of crude oil by rail are bouncing back after falling to an eight-year low in July. The Canada Energy Regulator says rail shipments of oil in September amounted to 94,440 barrels per day, nearly double the 51,000 bpd shipped in August. Only 39,000 bpd was shipped in July. That's less than a tenth of the record 412,000 bpd moved by rail in February. Rail transportation of crude oil is considered to be more expensive than shipping by pipeline so shippers tend to [Read more]
Exxon to cut up to 300 jobs in Canada
U.S. oil major Exxon Mobil Corp said on Wednesday it plans to reduce up to 300 positions in Canada as part of an ongoing cost-cut plan due to a coronavirus-driven slump in oil prices. Reductions will include positions at Imperial Oil Ltd, ExxonMobil Canada Ltd, and ExxonMobil Business Centre Canada ULC, the company said. Oil producers, including Exxon, have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S. oil company had earlier outlined [Read more]