U.S. President Donald Trump said on Wednesday he expected Saudi Arabia and Russia to reach a deal in the next few days on oil production to end a price war that has "ravaged" the oil industry worldwide. "I think that they will work it out over the next few days. ... Both know what they have to do," Trump told a White House news conference, without elaborating on the reasons for his confidence. "Worldwide, the oil industry has been ravaged," Trump said, pointing to a flooded oil market as [Read more]
Headlines
Canada energy firms fret as Ottawa labors over promised aid package
A government aid package for struggling Canadian energy firms has run into weeks of delays, in part because officials are still trying to obtain up-to-date data, according to three sources familiar with the matter. The oil and gas sector in the western province of Alberta, home to the world's third-largest crude reserves, has been hard hit by plummeting crude prices due to low demand and excess supply from Saudi Arabia and Russia. Smaller energy firms are seen as particularly vulnerable to [Read more]
Yangarra provides operations update
CALGARY - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX:YGR) provides an operations update. As a result of the COVID-19 pandemic, Yangarra has implemented a number of actions to reduce the risk of spread amongst our valuable employee team. The Company's Calgary office has been reduced to two people with the remainder of the team working remotely to ensure the business continues to function and our people stay safe. In the field, Yangarra has implemented social distancing and [Read more]
Heavy discount widens as monthly trading cycle begins
Canadian heavy crude's discount widened versus U.S. benchmark West Texas Intermediate (WTI) oil on Wednesday, the first day of the monthly trading cycle. Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $16.65 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $15 under. With WTI prices trading around $21, the net Canadian heavy price was about $4 per barrel, around the lowest on record. "Basically (it's) [Read more]
Inter Pipeline announces virtual annual meeting and first quarter 2020 results conference call
CALGARY - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) will announce its first quarter 2020 financial and operating results on May 7, 2020. A conference call and webcast have been scheduled for May 8 at 9:00 a.m. MT (11:00 a.m. ET) for interested shareholders, analysts and media representatives. To participate in the conference call, please dial 1 (888) 231-8191. A replay of the conference call will be available until May 15, 2020 by calling 1 (855) 859-2056. The code for the replay is [Read more]
Perpetual Energy Inc. Announces Strategic Transaction, Credit Facility Update and 2020 Outlook
CALGARY - (TSX: PMT) Perpetual Energy Inc. ("Perpetual" or the "Company") is pleased to announce that it has sold a 50% working interest in its East Edson property for consideration consisting of $35 million in cash and the carried interest funding of the Company's remaining 50% working interest share in an eight-well drilling program (the "East Edson Transaction"). Concurrent with the signing and closing of the East Edson Transaction on April 1, 2020, the borrowing limit on Perpetual's [Read more]
Oil prices mixed, U.S. inventory build-up heightens oversupply concerns
Crude oil benchmarks opened the month mixed on Wednesday, following their biggest-ever quarterly and monthly losses, overshadowed by fears of global oversupply as data showed a bigger-than-expected rise in inventories in the United States. U.S. West Texas Intermediate crude was up by 7 cents, or 0.34%, at $20.17 a barrel. Brent crude was down by $1.06, or 4.09%, at $24.86 a barrel. U.S. crude inventories rose by 10.5 million barrels last week, far exceeding forecasts for a 4 million [Read more]
Column: Watching the global supply-tech mega-system swarm a problem is a beautiful sight
In the official 1840 US government census, a soul-searching question was posed to the familial point of contact: How many idiots are there in your household? It's true. People didn't have time to mince words back then. Pity the poor father of twelve, looking down the dining table...not that one, not that one, yes for sure, that one's a maybe, hmm good with a pitchfork but just look at that skull, etc. You may have different yardsticks for charting how far humanity has progressed in the past [Read more]
Briko Energy Announces its 2019 Year-End Reserves and Complementary Acquisition Update
Calgary, Alberta - Briko Energy Corp. ("Briko" or the "Corporation") is pleased to announce its 2019 year-end reserves and Complementary Acquisition update. 2019 Reserve Highlights Proved ("1P") reserves increased 6% to 2.4 million barrels of oil equivalent ("BOE") at December 31, 2019 compared to 2.3 million BOE at December 31, 2018; Proved Developed Producing ("PDP) reserves of 1.6 million BOE at December 31, 2019 with a net present value of $14.4 million ($1.29 per share) at a 10% [Read more]
XI Technologies: What can the oil and gas industry do while waiting for the next “new normal”?
Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here. With our industry currently dealing with the dual challenges of physical distancing due to the COVID-19 outbreak and an oil price crash due to an international price war, it is difficult to anticipate what life will be like on the [Read more]