LONDON (Reuters) - Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts. West Texas Intermediate (WTI) crude fell 14 cents, or 0.3% to $38.10 per barrel. Brent crude was down 28 cents, or 0.69% to $40.49 a barrel. A “slightly stronger U.S. dollar... is weighing on crude prices. Also the prospect of higher production from Saudi Arabia, Kuwait, UAE and Oman in July is not [Read more]
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BOE Report offers virtual datasets via subscription
The BOE Report has several datasets available for download, providing the most up-to-date information on the following: Well drilling/License data M&A database Both sets show comprehensive data for Western Canada and are updated weekly. Sample data is available for viewing, as well as a list outlining the available data points contained in each set. These datasets are available through download in CSV format through a licensed subscription. For more information on [Read more]
Cequence Energy announces extension of stay period to September 8, 2020 and scheduled delisting from the Toronto Stock Exchange
CALGARY, Alberta - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX: CQE) announces that it has obtained an order form the Court of Queen’s Bench of Alberta (the “Court”) extending the stay of proceedings previously granted by the Court on May 29, 2020 as part of Cequence’s application under the Companies’ Creditors Arrangement Act (“CCAA”). The stay of proceedings has been extended to September 8, 2020. The extension of the stay period will allow the Company to pursue potential [Read more]
AltaGas Ltd. announces aggregate $500 million medium-term note offering
CALGARY, AB - AltaGas Ltd. ("AltaGas") (TSX: ALA) today announced that it has agreed to issue $500 million of senior unsecured medium-term notes (the "Notes") with a coupon rate of 2.157 percent, maturing on June 10, 2025 (the "Offering"). The Offering is expected to close on or about June 10, 2020. The net proceeds resulting from the Offering will be used to pay down existing indebtedness under AltaGas' credit facility and for general corporate purposes. The Offering is being made [Read more]
Heavy discount edges wider as oil prices fall
Canadian heavy crude's discount widened slightly versus the U.S. benchmark West Texas Intermediate (WTI) on Monday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $9.05 per barrel below WTI, according to NE2 Canada Inc, wider than Friday's settle of $9 under. Light synthetic crude from the oil sands was trading at $3.35 after Friday's settle of $3.50 under. Global oil prices fell after Saudi Arabia said an extension of output cuts by [Read more]
Alberta First Nations appeal suspension of environmental monitoring in oilpatch
EDMONTON - Three northern Alberta First Nations want to appeal the province's decision to suspend environmental monitoring in the oilpatch. The Mikisew Cree First Nation, the Fort McKay First Nation and the Athabasca Chipewyan First Nation have made the request to the regulator's internal appeals body. The Alberta Energy Regulator made the decision earlier this spring in what it said was an attempt to keep workers and communities safe during the COVID-19 pandemic. Melody Lepine of the [Read more]
Oil major BP to cut 15% of workforce
LONDON - BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100. “We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year,” Looney said in a statement. Reuters had earlier [Read more]
Oil prices slip despite OPEC+ cuts as Gulf ends voluntary curbs
LONDON (Reuters) - Oil slipped on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include extra voluntary cuts by a trio of Gulf producers. U.S. West Texas Intermediate (WTI) crude fell 12 cents, or 0.28%, to $38.93 a barrel. Brent crude was down 14 cents, or 0.3%, at $41.74 per barrel. The Organization of Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per [Read more]
Longshore Resources Ltd. announces transformational transaction and creation of a premier oil weighted entity
Calgary, June 5, 2020 - Longshore Resources Ltd. (“Longshore”) is pleased to announce that it has entered into an agreement with Rifle Shot Oil Corp. (“Rifle Shot”), Steelhead Petroleum Ltd. (“Steelhead”), and Primavera Resources Corp. (“Primavera”) (Longshore, Rifle Shot, Steelhead and Primavera collectively referred to as the “Companies”) to acquire all of their outstanding shares as part of a consolidating transaction (the “Transaction). The Transaction will further enhance Longshore’s [Read more]
Russia says global oil deal took nearly 9 mln bpd off the market
The OPEC+ deal to cut crude production removed nearly 9 million barrels of oil per day (bpd) from the global market as demand was hit by the coronavirus pandemic, Russian Energy Minister Alexander Novak told a briefing on Monday. OPEC, Russia and allies agreed on Saturday to extend record oil output cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supply from the market. Novak said on Monday that it [Read more]