North America oil and gas producers have slashed their capital spending by about 30% on average after crude prices crashed early this week, according to data compiled by Reuters. Oil producers have been scaling back spending since the last price crash in 2014, and the latest cuts come as the coronavirus outbreak crimps demand and a price war between top producers Saudi Arabia and Russia threatens to flood the oil market, pushing U.S. crude to about $30 a barrel. Devon Energy, Apache Corp [Read more]
Headlines
Ovintiv Takes Immediate and Significant Action; Reduces Second Quarter 2020 Capital Investments by $300 Million; Full-Year Cash Costs to Drop by $100 Million
Company dropping 10 operated rigs immediately and an additional six rigs in May DENVER, March 12, 2020 /CNW/ - Ovintiv Inc. (NYSE, TSX: OVV) today announced plans to immediately reduce second quarter 2020 capital investments by $300 million and full year cash costs by $100 million. This is the first step in response to the recent large drop in oil prices. The Company has no long-term service commitments to fulfill and intends to use its operational flexibility to maintain balance sheet [Read more]
Topaz Announces Executive Appointments and Declares its First Dividend
CALGARY - Topaz Energy Corp. ("Topaz" or the "Company") is pleased to announce the following executive officer appointments. Mr. Marty Staples, currently Manager Land at Tourmaline Oil Corp. ("Tourmaline"), will be joining Topaz as the President and Chief Executive Officer. Mr. Staples will be joined by Ms. Cheree Stephenson as Topaz's Vice President, Finance and Chief Financial Officer. Both are expected to assume their new positions in April 2020. Additional Topaz management team and [Read more]
Oil slumps 4% as U.S. bans travel from Europe over coronavirus pandemic
Oil prices slumped again on Thursday amid a broader market rout after the United States banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic. The threat of a flood of cheap supply compounded market concerns as Saudi Arabia promised to raise oil output to a record high in a standoff with Russia. U.S. crude was down $1.40, or 4.3%, at $31.67 after dropping 4% in the previous session. Brent crude was trading down $2.17, or 6.2%, at $33.40 by [Read more]
Company Flushing Out Canada Gas Prospects
March 10, 2020 – Sweet Gas Production – U.S. based, Canadian company has an immediate need for in excess of 560 103 m3/day of dry, sweet gas in the Western Canadian Sedimentary Basin. Production can be split in minimum of 28 103 m3 tranches and tied in to a central gathering point. Terms to be negotiated and willing to purchase operated properties or gas prior to a sales point. Please contact info@grouseenergy.ca [Read more]
Tidewater Midstream and Infrastructure Ltd. Announces Fourth Quarter 2019 Results and Operational Update
CALGARY, March 12, 2020 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce that it has filed its annual consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2019. Recent Market Volatility Tidewater takes the severe downturn in the energy industry very seriously and has been working extremely hard over the past three years to minimize its major risks [Read more]
TC Energy signs letter of intent to acquire Pioneer Pipeline
CALGARY, Alberta - Media Advisory – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) today announced that its wholly owned subsidiary, NOVA Gas Transmission Ltd. (NGTL), has executed an exclusive letter of intent with Tidewater Midstream and Infrastructure Inc. and TransAlta Corporation to purchase the Pioneer Pipeline for $255 million. The Pioneer Pipeline consists of 131 km of operating pipeline that, upon closing of the transaction, will be integrated into the NGTL System. The pipeline [Read more]
Pipestone energy corp. announces an operations update and a 60% reduction to 2020 capital guidance accompanied by a <10% reduction to 2020 production guidance to 17,000 - 18,000 boe/d
CALGARY, Alberta - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) announces reduced guidance in response to current commodity prices, an update on capital efficiencies achieved and encouraging early production results from its 6-24 pad. A conference call is scheduled for Thursday, March 12 at 9:00 a.m. Mountain Daylight Time (11:00 a.m. Eastern Daylight Time) for interested investors, analysts, brokers and media representatives. “As a company, Pipestone Energy has [Read more]
Delphi Energy Corp. Reports 2019 Year End Results
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce its financial and operational results and reserves for the year ended December 31, 2019. 2019 HIGHLIGHTS During 2019, the Company incurred $26.8 million in capital expenditures while generating $52.6 million of adjusted funds flow; Reduced bank debt plus adjusted working capital deficit by $41.1 million, or 44 percent, from the first quarter of 2019. Net bank debt as at December 31, 2019 was [Read more]
Transglobe Energy Corporation announces year end 2019 financial and operating results
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta - TransGlobe Energy Corporation (“TransGlobe” or the “Company”) (AIM & TSX: “TGL” & NASDAQ: “TGA”) is pleased to announce its financial and operating results for the three months and year ended December 31, 2019. All dollar values are [Read more]