IN THE MARKET PLACE While using AI systems with better monitoring and maintenance, it was announced that BP experienced a 72% decrease in methane vented from the field. Additionally, gas production rose 20% using the AI-powered system meanwhile costs were reduced by 22%. The oil and gas sector is going all out for efficiency savings underpinned by digital drives, according to a survey conducted by EY. The global financial advisory firm’s poll of 100 senior oil and gas executives saw: - 42% [Read more]
Headlines
Canada’s Syncrude oil sands facility declares force majeure after fire
Canada's Syncrude oil sands facility has declared force majeure after a fire at the plant and told customers it will reduce production by about 20%, sources familiar with the matter said. Syncrude is a joint venture majority-owned by Suncor Energy Inc , with minority stakes held by Imperial Oil Ltd and others. It can produce up to 360,000 barrels per day, upgrading thick bitumen to light oil. "We're working with the operator, Syncrude, to better understand the situation," Suncor [Read more]
Vermilion Energy Inc. Announces Results for the Year Ended December 31, 2019 and 2019 Reserves and Resources Information
CALGARY - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and financial results for the year ended December 31, 2019 along with our 2019 reserves and resources information. The audited financial statements, management discussion and analysis, and annual information form for the year ended December 31, 2019 will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR [Read more]
Altura Energy Inc. Announces an Operational Update and 2019 Reserves
CALGARY - Altura Energy Inc. ("Altura" or the "Company") (TSX-V: ATU) is pleased to announce an operational update and the results of the independent evaluation of the Company's oil and natural gas reserves (the "McDaniel Report"), effective December 31, 2019, as prepared by McDaniel and Associates Consultants Ltd. ("McDaniel"). Altura's audit of its 2019 annual financial statements is not yet complete and accordingly all financial amounts referred to in this news release are unaudited and [Read more]
Jupiter Reports Year-End 2019 Results
CALGARY, March 5, 2020 /CNW/ - Jupiter Resources Ltd. and its affiliates (collectively, "Jupiter" or the "Company") announced today financial and operating results for the year ended December 31, 2019. Jupiter's year-end financial results and reserves report have been posted to the investor portal on the Company website. The Company will be hosting a conference call to discuss results on March 6, 2020. Conference Call Date: Friday, March 6, [Read more]
Heavy discount narrows as stocks decline, maintenance season nears
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) crude on Thursday, as inventories declined and maintenance season approached for oil sands operations. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $14.05 per barrel below WTI, according to NE2 Canada Inc, narrower than Wednesday's settle of $14.60 under. On Tuesday, the WCS-WTI differential was as narrow as $13, the smallest since Oct. [Read more]
Protests, speed limits curb Canada’s February crude-by-rail shipments
Protests along Canadian rail lines and lower government-imposed speed limits last month caused a modest drop in crude shipments on trains, data provider Genscape said on Thursday. Canadian rail loadings in February averaged 346,000 barrels per day (bpd), down from 354,000 bpd in January, suggesting a "fairly minimal impact," Genscape said in a statement. Loadings had hit a record high in December of 358,000 bpd. Protests popped up last month in solidarity with a British Columbia [Read more]
Yangarra Announces 2019 Year End Financial and Operating Results
CALGARY - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) announces its financial and operating results for the year ended December 31, 2019. 2019 Highlights Average Production of 12,572 boe/d (47% liquids) an increase of 33% from 2018 Oil and gas sales were $145 million with funds flow from operations of $92 million ($1.08 per share - basic) Adjusted EBITDA (which excludes changes in derivative financial instruments) was $95 million ($1.12 per share - basic), [Read more]
Rail blockade coming down in Kahnawake
KAHNAWAKE, Que. - A blockade in the Mohawk community of Kahnawake that has halted rail traffic south of Montreal for more than three weeks is being dismantled. The Mohawk Council of Kahnawake confirmed the move today, praising the dedication of the protesters. The blockade was erected Feb. 8 in solidarity with Wet'suwet'en hereditary chiefs after the RCMP moved into Wet'suwet'en territory in northern British Columbia to enforce an injunction against a blockade erected by pipeline [Read more]
Five protesters arrested at British Columbia legislature Wednesday night
VICTORIA - Police say five people have been arrested following a protest at the British Columbia legislature. Victoria police say the five were taken into custody at about 9 p.m. Wednesday and each faces a charge of mischief. Police say there were no injuries in the arrests and they alleged the protesters called for others to surround the legislature building. They say officers were "actively obstructed" and because of the size of the crowd, it took several hours for the protesters to [Read more]