Alberta's energy minister says patience in her province is wearing thin for a promised aid package from the federal government for the oil and gas sector. Sonya Savage, speaking at the Canadian Association of Petroleum Producers conference, says the industry doesn't want a bailout, it just needs help to cope with short-term liquidity problems caused by steeply lower oil prices that have reduced investment plans and activity levels. The annual conference, held in Toronto for the past few [Read more]
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Oil gains as hopes rise for production cut amid coronavirus outbreak
Oil rose on Tuesday amid hopes that the world's biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand. U.S. crude was up by 20 cents, or 0.80%, at $26.48 a barrel, having dropped nearly 8% in the previous session. Brent crude was up by 54 cents, or 1.56%, at $33.83 a barrel after falling more than 3% on Monday. The world's main oil producers including Saudi [Read more]
Big OPEC+ oil output cuts depend on U.S., others joining
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. Global oil demand has dropped by as much as 30%, or about 30 million barrels per day (bpd), as measures to prevent the virus spreading have slashed demand for jet fuel, gasoline and diesel. On top of sliding demand, Saudi Arabia and Russia have [Read more]
Column: All eyes on Saudi-Russia-US poker game
How crazy is the world right now? You don’t need me to tell you, not after you’ve spent three weeks straight in your house watching the world as we know it grow distorted like funhouse mirrors as you look out your window. It’s actually even crazier than that if you’re in the hydrocarbon business. Despite producing the fuel that the world demands, in ever-harsher conditions, a certain subset of the population is actively trying to kill the industry by blockading anything it tries to build and [Read more]
ExxonMobil reduces 2020 capex by 30%, cash opex by 15%; maintains long-term outlook
IRVING, Texas - ExxonMobil said today it is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for 2020 are now expected to be about $23 billion, down from the previously announced $33 billion. The 15 percent decrease in cash operating expenses is driven by deliberate actions to increase efficiencies and reduce [Read more]
Return Energy inc. announces year-end 2019 financial results and reserves
CALGARY, Alberta, April 07, 2020 (GLOBE NEWSWIRE) -- Return Energy Inc. (“Return” or the “Company”) (RTN: TSXV) is pleased to provide a summary of its financial and operational results for the three months and year ended December 31, 2019. Selected financial and operational information is outlined below and should be read with Return’s audited consolidated financial statements (“Financial Statements”) and management’s discussion and analysis (“MD&A”) as of December 31, 2019, which are [Read more]
Premier Kenney predicts 25 per cent unemployment in Alberta due to COVID-19
CALGARY - Alberta Premier Jason Kenney has a grim prediction for workers in his province. He says there may well be 25 per cent unemployment as a result of the COVID-19 pandemic. He has told an energy industry conference that the total could be even higher. And he says the figure doesn't fully account for the impact of the oil-price collapse on Alberta's fossil-fuel-powered economy. At the same time, he told energy industry leaders that Alberta is doing well in its fight against the [Read more]
Group of First Nations want to launch fight of Trans Mountain pipeline approval
VANCOUVER - A group of British Columbia First Nations says it will appeal a decision on the the Trans Mountain pipeline expansion project to the Supreme Court of Canada. The Squamish Nation, Tsleil-Waututh Nation and Coldwater Band say they have fought and challenged the project through every federal court, and now want to take it to the next step. They're holding a news conference today to discuss the appeal, and say they're challenging the adequacy of Indigenous consultation leading up [Read more]
Trump says OPEC has not asked him for a U.S. oil production cut
President Donald Trump said on Monday that OPEC had not pressed him to ask U.S. oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic. Trump said U.S. oil production had already fallen, anyway. "I think it's happening automatically but nobody's asked me that question yet so we'll see what happens," the president told a press briefing Monday afternoon. Major oil producers including Saudi Arabia and [Read more]
Heavy discount widens as talks on global oil cut delayed
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) oil on Monday, as top producers Saudi Arabia and Russia delayed discussions aimed at reducing global oversupply and crude production in Alberta tested storage limits. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $17.80 per barrel below WTI, according to NE2 Canada Inc, wider than Friday's settle of $16.80 under. "The biggest driver (for the [Read more]