Saudi Arabia has escalated its oil market conflict with Russia in an attempt to force Russia back to negotiations or compel the United States to intervene and help broker a new agreement. Saudi Aramco has said it will lift the volume of oil supplied to the market to 12.3 million barrels per day (bpd) next month, which is more than 2.0 million bpd above its current output and 0.3 million bpd above its sustainable capacity. Increasing supply rapidly by withdrawing oil from inventories and [Read more]
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Exclusive interview with Director of Operations for Enterprise Services at Enbridge. Biju discusses Enbridge’s continuous improvement and digital transformation journey
Read the exclusive interview to find out how Enbridge is: Using business and technology road mapping to successfully automate your operations Setting up an Automation CoE and implementing ‘bots’ throughout the business Using RPA, Process Mining and computing software to efficiently get employees the information they need, when they need it Read the interview here. Biju Misra will also be speaking at the Operational Excellence in Energy, Chemicals & Resources Summit this June [Read more]
Petrus Resources Announces Management Resignation
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces that Ms. Cheree Stephenson has tendered her resignation as VP Finance and Chief Financial Officer to pursue other business opportunities. Ms. Stephenson has advised she will remain with the Company until mid April 2020 to allow Management and the Board of Directors to find a replacement for the position. The Company intends to commence a search for a new Chief Financial Officer. As a founding member of [Read more]
Cenovus responds to low oil prices with reduced 2020 capital spending
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is reducing its 2020 capital spending by approximately 32% in order to maintain the strength of its balance sheet. Cenovus is also temporarily suspending its crude-by-rail program and deferring final investment decisions on major growth projects. These measures are being taken in response to the recent significant decline in world benchmark crude oil prices. The company continues to work toward funding its revised capital program and [Read more]
Surge Energy Inc. Announces 2019 Fourth Quarter and Year-End Financial and Operating Results; 2019 Year-End Reserves; and Dividend Reduction
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter and year ended December 31, 2019, and its year-end 2019 reserves, as evaluated by Sproule. MESSAGE TO THE SHAREHOLDERS Surge had a solid year in 2019. The Company's 2019 production averaged 21,175 boepd (84% oil and NGLs), an increase of more than 17 percent as compared to 2018 average production volumes of 18,058 boepd (81% oil and NGLs). During [Read more]
Journey Energy Inc. Reports its 2019 Year-End Results
CALGARY - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) ("Journey" or the "Company") is pleased to announce its 2019 operating and financial results. The complete set of financial statements and management discussion and analysis for the year ended December 31, 2019 are posted on www.sedar.com and on the Company's website www.journeyenergy.ca. Highlights for 2019 were: The Duvernay joint venture with Kiwetinohk Resources Corporation ("KRC") commenced operations with the drilling of 3 [Read more]
Ovintiv Reiterates Strong Capital Structure, Significant Liquidity and Operational Flexibility
DENVER - Ovintiv Inc. (NYSE, TSX: OVV) today provided additional information related to its strong capital structure and liquidity. In addition, the Company has great flexibility to quickly adapt operations to changing market conditions. "In addition to our liquidity, we have substantial operational flexibility and a track record of driving cost reductions across the business," said CEO Doug Suttles. "We will be reducing our near-term capital spending to ensure we maintain free cash [Read more]
Heavy discount remains narrow amid global price rout
Canadian heavy crude's discount widened slightly versus the U.S. benchmark West Texas Intermediate (WTI) crude on Monday, remaining in a narrow range as global crude oil prices collapsed. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, settled at $13.50 per barrel below WTI, according to NE2 Canada Inc, wider than Friday's settle of $13.40 under. The drop in international prices prevented the gap between WCS and WTI from widening significantly, a [Read more]
As Saudi Arabia blows up crude oil market, stand by for fallout
Saudi Arabia has detonated a metaphorical nuclear weapon in the global oil market, blowing up prices and trade relationships with its decision to slash the cost of its own crude while ramping up output.The Saudi move was no shot across the bows aimed at Russia’s reluctance to extend and boost a deal to curb production. Instead, it was a full-on declaration of war. Saudi Aramco aims to lift its output above 10 million barrels per day (bpd) in April, possibly as high as 11 million bpd, two [Read more]
Oil demand set for first contraction since 2009 due to coronavirus – IEA
Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. The downward revision came as oil prices dropped as much as third in their biggest one-day fall since the 1991 Gulf War after Saudi Arabia launched a bid for market share following the collapse of an output pact with Russia. The energy watchdog said it expected oil demand to be 99.9 million barrels [Read more]