Goldman Sachs says favourable environment for growth exists for Canadian oil firms even though they are currently out of favour with investors Adds group is currently facing ire of investors due to environmental concerns, pipeline constraints, leverage levels and poor returns on capital However, still sees conducive environment for stock picking with "healthy" intra-sector share price performance likely ahead Believes Canadian oil firms offer higher levels of free cash flow generation, [Read more]
Headlines
Burgess Creek Exploration Inc. – Fee title & royalty divestiture
Burgess Creek Exploration Inc. (“Burgess Creek” or the “Company”) has engaged Sayer Energy Advisors to assist it with the sale of its Gross Overriding Royalty (“GOR”) interests as well as its Fee Title interests (“Fee Title”) in a number of areas of southeastern Saskatchewan (the “Properties”). The Properties include 1,617 net acres of Fee Title land as well as additional 6,208 net GOR acres. The Fee Title lands are located in the following designated pool areas: Northgate (880 net [Read more]
Oil prices at one-month low on demand worries
Oil prices extended losses on Thursday, falling by more than 2% to their lowest point since early August, as worries about weaker U.S. gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment. U.S. West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.32%, at $41.00 a barrel. Brent crude fell 63 cents, or 1.37%, to $43.76 a barrel by 1118 GMT. Both benchmarks fell more than 2% on Wednesday. U.S. gasoline demand last week fell to [Read more]
New biocide for the Canadian fracturing market
Bacterial control is vital in the oil and gas market - microbes can have a profound impact on the integrity of a well. With high resource costs and time invested in the production of oil and gas it is important to maintain integrity by scale control, corrosion control, and bacterial control. Unlike other water components, bacterial content is dynamic, the microbes are alive, and they multiply. The best method of control is a proactive approach which mitigates the number of [Read more]
Journey Energy Inc. provides banking update
CALGARY, AB, Sept. 2, 2020 /CNW/ - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") announces an extension to the forbearance agreement with its banking syndicate. Journey reports that it has reached an agreement with its syndicate of lenders to extend the current forbearance period until September 11, 2020. Journey and its lending syndicate continue to be in discussions regarding the outstanding bank debt. This extension of the forbearance period will allow [Read more]
Heavy discount narrows as pipeline leak cuts off supplies
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Wednesday, after a pipeline leak in Alberta disrupted oil shipments. Imperial Oil Ltd said it had shut all production at its 220,000-barrel-per-day (bpd) Kearl oil sands site in Canada due to an outage of part of the Polaris diluent pipeline following the spill. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $9.40 per barrel below WTI, according to NE2 Canada [Read more]
Imperial shuts Kearl oil sands operations after pipeline outage
Imperial Oil Ltd on Wednesday said it had shut all production at its 220,000 barrel-per-day (bpd) Kearl oil sands site in Canada due to an outage of part of the Polaris diluent pipeline following a leak. Timing to restart production is unknown, the company said in a release. Imperial is majority owned by U.S. major Exxon Mobil Corp . The pipeline supplies ultralight oil from Edmonton, Alberta to oil sands sites to be blended with bitumen for transport. Inter Pipeline , which owns [Read more]
Column: Cows, California and energy – a shocking lack of systemic thinking roils the world’s fifth largest economy
“Adding more milk to the milk already in a pail just gives you more milk, but adding another cow to the one you already have does not give you a larger cow. In the same way, pouring half the milk you already have into a second pail gives you two smaller amounts of milk, but dividing the cow in half does not give you two smaller cows. You may end up with a lot of hamburger, but the essential nature of ‘cow’ – a living system capable, among other things, of turning grass into milk, would be lost.” [Read more]
Keyera announces CEO transition
CALGARY, AB - The Board of Directors (the "Board") of Keyera Corp. (TSX: KEY) is pleased to announce that Dean Setoguchi, currently President and Chief Commercial Officer, will become President and Chief Executive Officer ("CEO") and join the Board effective January 1, 2021. David Smith, our current CEO, has announced his plans to retire from Keyera and the Board effective December 31, 2020. "On behalf of the Board, I wish to extend our deep appreciation to David for the 22 years he has [Read more]
Enbridge restores offshore pipelines after hurricane shutdown
Two natural gas pipelines that connect offshore U.S. Gulf of Mexico production platforms resumed operation on Tuesday, Enbridge Inc said, after hurricane-related shutdowns last week. Energy companies continued to restart offshore operations after completing damage assessments following Hurricane Laura, which tore through the Gulf of Mexico with up to 150 mile per hour (240 kmh) winds. Oil and gas producers have returned crews to 228 of 310 evacuated offshore facilities, the U.S. Interior [Read more]