VICTORIA - B.C. Premier John Horgan questions what is being achieved by ongoing protests at the legislature, but he won't ask dozens of people camped at the building's ceremonial gates to leave. Horgan made the comments following a rally today by University of Victoria students who walked out of classes to attend the gathering in support of Wet'suwet'en hereditary chiefs. About 250 students were at the legislature to support the campers who say they will stay until pipeline company Coastal [Read more]
Headlines
Heavy discount widens in correction after hitting 5-month milestone
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) crude on Wednesday, in a modest correction after touching the narrowest level in five months. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $14.60 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $14.10 under. On Tuesday, the WCS-WTI differential was as narrow as $13, the smallest since Oct. 2. The heavy [Read more]
Athabasca Oil Corporation Announces 2019 Year-end Results
CALGARY, Alberta - Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to provide its 2019 year-end results and annual reserves. 2019 Corporate Highlights Production: Annual production of ~36,200 boe/d (87% liquids) which included ~10,100 boe/d (54% liquids) in Light Oil and ~26,100 bbl/d in Thermal Oil. Funds Flow, Capital Expenditures & Free Cash Flow: Annual Adjusted Funds Flow of ~$155 million ($0.30/share) and ~$140 million of capital expenditures [Read more]
Advocacy groups, First Nations to weigh in on Alberta environmental review case
CALGARY - Alberta's top court is allowing a dozen submissions to be heard from advocacy groups and First Nations in the province's constitutional challenge to Ottawa's revamped environmental assessment rules Alberta's United Conservative government has argued no new pipelines would be built under the Impact Assessment Act, part of the contentious Bill C-69. It filed its challenge to the Alberta Court of Appeal last fall asking whether Ottawa was within its authority in imposing the new [Read more]
Paramount Resources Ltd. Reports 2019 Annual Results and Provides 2020 Guidance
CALGARY - HIGHLIGHTS Annual sales volumes averaged 82,394 Boe/d (39 percent liquids) in 2019. Fourth quarter 2019 sales volumes averaged 85,411 Boe/d (42 percent liquids).(1) Cash from operating activities was $256 million in 2019. Adjusted funds flow in 2019 was $299 million or $2.29 per share. Fourth quarter 2019 adjusted funds flow was $93.5 million or $0.71 per share.(2) Strong execution and a continued focus on cost control resulted in lower per well capital costs at both [Read more]
Undetected cracks blamed for Enbridge gas pipeline blast in B.C. in 2018
CALGARY - The Transportation Safety Board of Canada says cracks that went undetected by the operator led to an Enbridge Inc. natural gas pipeline rupture that resulted in an explosion and fire northeast of Prince George, B.C., in October 2018. No one was injured in the incident but 125 people in a two-kilometre radius were evacuated as a precaution and the outage led to province-wide natural gas shortages and conservation efforts through the winter. In its final report, the federal agency [Read more]
Tourmaline Generates Record Free Cash Flow, Grows Production 10%, Increases 2P Reserves to 2.6 Billion Boe in 2019
CALGARY - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to release financial and operating results for the full year and fourth quarter of 2019 as well as 2019 reserves results. The Company delivered strong returns to shareholders, annual growth and demonstrated continued financial resilience in this very challenging energy cycle. HIGHLIGHTS Tourmaline delivered full-year earnings of $319.7 million ($1.18/diluted share), again demonstrating the profitability [Read more]
Baytex Announces Fourth Quarter and Full Year 2019 Financial and Operating Results and Board Appointment
CALGARY, Alberta - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) reports its operating and financial results for the three months and year ended December 31, 2019 (all amounts are in Canadian dollars unless otherwise noted). “2019 was an exceptional year with $1 billion EBITDA, $329 million of free cash flow and a 17% reduction in net debt. During the first quarter of 2020, we enhanced our long-term note maturity schedule and extended the term of our revolving credit facilities to 2024. Our [Read more]
XI Technologies: March 2020 Alberta Expiring Land Report – Are there opportunities for you?
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. XI Technologies looks at expiring land every month because it can provide useful business development intel for service companies and E&Ps alike. For service companies, expiring lands provide insight into where drilling activity [Read more]
Column: What’s next after the Wet’suwet’en crisis? Possibly, paths to greatness
Thank heavens for the Wet’suwet’en crisis. No, really, we might soon be saying that. To put one’s mind in such a place of relative peace, we need to park a few things first. Let’s park the discussion about the legality of the cross-country protests for a moment. Let’s park the puzzling presence of the likes of Al Jazeera as a fitting commentator in the discussion (as in, “While it is obvious that the indigenous blockades occurring throughout Canada rattled the foundations of the current [Read more]