Oil extended last week's losses on Monday, falling nearly 2% as a surge in COVID-19 infections in the United States and Europe prompted concern over crude demand, while the prospect of increased supply also hit sentiment. U.S. West Texas Intermediate (WTI) dropped 99 cents, or 2.5%, to $38.73, having fallen more than a dollar shortly after the start of trading. Brent crude was down 98 cents, or 2.35%, at $40.66. Brent fell 2.7% last week and WTI dropped 2.5%. The United States [Read more]
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Cenovus and Husky combine to create a resilient integrated energy leader
Combination of complementary businesses will result in $1.2 billion in cost and capital synergies, enhance free funds flow generation and support investment grade credit profile CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) today announced a transaction to create a new integrated Canadian oil and natural gas company with an advantaged upstream and downstream portfolio that is expected to provide enhanced free funds flow generation and superior [Read more]
Imperial Oil overall winner from Canada removing curtailments
Credit Suisse says Alberta's move to end oil production curtailments as of December would allow producers in the country to operate projects at higher rates. Suisse expects integrated companies Imperial Oil and Suncor to benefit from the removal of curtailment. Both Imperial and Suncor were the most vocal critics of production curtailments; says Imperial is an overall winner on this, with their shares up nearly 2%. Additionally, the heavy barrels Imperial Oil produces would be tailwind [Read more]
Canada’s weekly rig count up to 99
Canada’s fleet of active drilling rigs is up 10 this week to 99 according to data from the Canadian Association of Oilwell Drilling Contractors. There are 99 total active drilling rigs, 41 are drilling for natural gas, 44 for oil, and 1 for potash. Drilling activity by province is 60 in Alberta, 20 in Saskatchewan, 17 in British Columbia, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 35 per cent, Ensign Drilling with 22 per cent, Savanna [Read more]
U.S. oil and gas rigs rise to highest since May
U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row for the first time since June 2018, with the industry expecting more momentum in drillers' return to the wellpad as crude prices steady around $40 a barrel. The oil and gas rig count, an early indicator of future output, rose five to 287 in the week to Oct. 23, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count fell to a record low [Read more]
Alberta to stop limits on oil production in December after nearly two years
CALGARY - Alberta's UCP government says it will end oil curtailment quotas in December, nearly two years after the previous NDP government introduced them to support oil prices. The province says it will extend its regulatory authority to continue the program for another year but doesn't plan to use it after the end of November. It says the monthly curtailments are no longer necessary because 16 per cent of Alberta’s crude oil production is offline, down from 22 per cent at the start of [Read more]
Trump, Biden clash over climate, oil industry in final debate
Republican President Donald Trump and Democratic challenger Joe Biden clashed over the country's response to climate change in their final presidential debate on Thursday, which included a stark disagreement over the future of the oil industry. The candidates were asked at their matchup in Nashville, Tennessee, what they would do to combat climate change - the first time in a presidential debate they were not questioned on whether they believed in it or not. "I do love the environment," [Read more]
U.S. natgas futures ease on forecasts for less demand in November
U.S. natural gas futures eased on Friday on forecasts for less demand in early November when expected gas price increases will cause power generators to burn more coal and less gas to produce electricity. That decline came despite the continued rise in liquefied natural gas (LNG) exports and a slowdown in output, which boosted prices to a 20-month high earlier this week. Front-month gas futures fell 3.2 cents, or 1.1%, to $2.975 per million British thermal units (mmBtu) at 8:41 a.m. EDT [Read more]
Canlin Royalty Properties Partnership landsale notice
Canlin Royalty Properties Partnership (“Canlin”), by its Managing Partner, Canlin Energy Corporation, is pleased to announce that the following Petroleum and Natural Gas rights have been posted for Lease at the October 30, 2020 Saskatchewan Landsale. Parcel No.: Legal Description Undivided Mineral Interest W.I. Mineral Rights CEC-2020-04 002-34-W1M Fr W 17; 50% 100% All PNG CEC-2020-05 002-01-W2M SE 13; 50% 100% All PNG CEC-2020-06 002-03-W2M SE [Read more]
Tamarack Valley Energy Ltd. releases inaugural 2020 sustainability report
CALGARY - Tamarack Valley Energy Ltd. is pleased to announce the completion of its inaugural Sustainability Report, outlining the Company's continued focus on environmental, social and governance ("ESG") practices and the increasingly vital role these factors play in Tamarack's strategy. The Company has set commitments and goals related to the focus areas of governance, health and safety, community engagement, indigenous partnerships, people, land and biodiversity preservation, water [Read more]