Canada's oil producers lowered their capital expenditures for 2019 due to volatility in crude prices and mandatory production cuts in the province of Alberta. Imperial Oil Ltd said on Friday it would delay its C$2.6 billion ($1.95 billion) Aspen oil sands project in Alberta by about a year after the provincial government imposed output cuts to tackle pipeline bottlenecks. "As part of its 2019 capital budget, the company had earmarked C$800 million in Aspen related spending, which will [Read more]
Headlines
Canadian oil firms lament output cuts as rail volumes slip
Some Canadian oil executives blame higher crude prices from mandated production curbs for hurting their refining margins and depressing shipments of Alberta crude to U.S. customers. The government of Alberta last year mandated output cuts of 325,000 barrels per day (bpd) to help alleviate a supply glut that had weighed on crude prices and earnings of Canadian producers. Many in the industry had praised the move as prices rose. But other Canadian companies including Husky Energy Inc and [Read more]
Toscana Energy Announces Fourth Quarter 2018 Results
CALGARY, Alberta, March 15, 2019 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation ("Toscana" or the "Corporation") (TSX: TEI) announces financial and operating results for the fourth quarter ended December 31, 2018. Financial and operating results: This news release summarizes information contained in the Audited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2018. This news release should not be [Read more]
Connacher Oil and Gas Limited Announces Extension of CCAA Stay
CALGARY, March 15, 2019 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") announces that it has obtained an order from the Alberta Court of Queen's Bench extending the period of the Court-ordered stay of proceedings against Connacher under the Companies' Creditors Arrangement Act ("CCAA") until June 28, 2019. The Company has been operating under the protection of the CCAA since May 17, 2016. All inquiries regarding Connacher's CCAA proceedings should be directed to the [Read more]
Getting more oil to market in Canada requires more pipelines, NEB says
OTTAWA - The National Energy Board says Canada's existing export pipelines are running at maximum efficiency and the only way to realistically get more oil to market on pipelines is to build more of them. The board is responding today to questions posed last fall by Natural Resources Minister Amarjeet Sohi, who wanted to know if there was any way to improve the efficiency of pipelines while Canada struggles to expand or get new ones built. Put simply, the board says, the amount [Read more]
U.S. oil rig count falls to lowest since April 2018 -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row with drilling slowing to its lowest in nearly a year, prompting the government to cut crude output growth forecasts. Drillers cut one oil rig in the week to March 15, bringing the total count down to 833, the lowest since April 2018, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That is the first time the rig count has declined for four [Read more]
Canada Weekly Rig Count Down 28 to 161
Western Canada’s fleet of drilling rigs decreased by 28 rig to a total of 161 according to data collected by Baker Hughes for the week of March 15th. From last Friday, Alberta rig counts went from 137 to 116. Saskatchewan's rig count from 33 to 27. Oil drilling went from 118 to 98; natural gas rigs went from 71 to 63. View a full breakdown of western Canada’s rig activity. [Read more]
Point Loma Resources Announces 2018 Year-End Reserves and Operational Update
Calgary, Alberta, March 14, 2019: Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or “Point Loma”) is pleased to report the results of its 2018 year-end reserves as evaluated by McDaniel and Associates Ltd. (“McDaniel”) and provide an update on operations. Highlights: Proved producing reserves increased 35 percent year over year. Total proved plus probable (“2P”) reserves of 5,284 mboe and proved (“1P”) reserves of 2,967 mboe for the Corporation, an increase of 19 [Read more]
Imperial ramps down Aspen oil sands project execution
CALGARY, Alberta--(BUSINESS WIRE)--Imperial said today it has slowed the pace of development of its Aspen in situ oil sands project given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges. Imperial’s view remains that free markets work and intervention sends a negative message to investors about doing business in Alberta and Canada. The company remains concerned about the unintended consequences of the government’s decision to [Read more]
What is the future for Canada’s Natural Gas Resources?
In an increasingly natural gas focused world, will Canada be able to take advantage of its resources in the global marketplace? Join leaders and experts from government, industry, the regulatory sector and academia, as they discuss the opportunities and challenges, both domestic and international. Natural Gas World, in partnership with the Canadian Gas Association and the BOE Report, presents “Canadian Gas Dialogues”. The Canadian Gas Dialogues conference will take place in Calgary on April [Read more]