CALGARY – Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to release its first quarter 2020 financial and operating results. A complete copy of Perpetual's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2020 can be obtained through the Company's website at www.perpetualenergyinc.com and SEDAR at www.sedar.com. EAST EDSON TRANSACTION On April 1, 2020, the [Read more]
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MEG Energy announces first quarter 2020 free cash flow of $24 million, current full year 2020 hedge book value of $525 million and a further 25% reduction in full year capital investment to $150 million
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY - MEG Energy Corp. (TSX:MEG, "MEG" or the "Corporation") reported its first quarter 2020 operational and financial results. MEG continues to respond proactively to the safety and financial challenges associated with the COVID-19 pandemic. "We are committed to ensuring the health and safety of all our personnel and the safe and reliable [Read more]
Heavy discount narrows as production cuts mount
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Monday, surpassing an 11-year low set on Friday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $3.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Friday's settle of $5.35 under. Prices at that level were the lowest recorded by NE2 in data that goes back to 2009. Cuts to Canadian oil production totalled at least 525,000 [Read more]
Enbridge to store Canadian crude in Mainline pipeline amid weak demand
Enbridge Inc said on Monday the Canadian pipeline operator has reached a deal with shippers to temporarily store crude oil in North America's largest oil pipeline network from June 1 and is working with governments to provide additional capacity. A crash in crude prices due to global economic restrictions aimed at curbing the novel coronavirus pandemic has forced oil companies to cut costs and production while stoking fears that global storage levels are fast approaching capacity. Enbridge [Read more]
Gibson Energy announces 2020 first quarter results
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta - Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI), announced today its financial and operating results for the three months ended March 31, 2020. “Gibson delivered strong operational and financial results in the first quarter, driven by the continued growth of stable, long-term cash flows from our Infrastructure segment, which have increased over 40% in the last two years and are expected to [Read more]
Coronavirus pushes oil majors to biggest output cuts in 17 years
Oil and gas output from some of the world's top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented drop in oil consumption due to coronavirus-related movement restrictions that have led to a surge in supplies and a collapse in crude prices to levels not seen in more than two decades. Four of the top publicly-traded oil and gas producers, known as [Read more]
Oil prices rise on U.S.-China trade tension
Oil prices grew in early trade on Monday, fighting worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery even as coronavirus pandemic lockdowns start to ease. U.S. West Texas Intermediate (WTI) crude futures were up $2.49, or 12.67%, at $22.18. The benchmark contract rose 17% last week. Brent crude futures were up 9 cents, or 0.34%, at $26.68, after touching a low of $25.53. Brent rose about 23% last week following three consecutive [Read more]
Dandelion Group Management Corp is looking for natural gas wells and generators
Dandelion Group Management Corp. (“DGM”) – Canadian based company has an immediate need for up to 2000 Mcf/day of dry, sweet gas in Alberta. DGM is also looking for up to 10 MW Natural Gas Gen Sets (Rent or Purchase). For more information, please contact Jimmy at jimmy.jin@dandelionmanage.com [Read more]
Questerre updates operations
CALGARY, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) provided an update on activities during the COVID-19 crisis. Michael Binnion, President and Chief Executive Officer, commented, “As noted in our annual report, we are focused on preserving liquidity. We entered this year with relatively low debt levels and have a lot of discretion on our capital spending. We deferred all non-essential investment, cutting our budget by over 80% or $15 million. We spent [Read more]
Canada weekly rig count up 1 to 27
Canada’s fleet of active drilling rigs grew from 26 to 27 since last week according to data from Baker Hughes. Total drilling count was 27 at May 1st. 7 rigs were drilling for oil; 20 for natural gas. The drilling activity in Alberta remained at 16. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]