Oil prices edged lower on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus. Efforts to stimulate the U.S. economy's recovery from the coronavirus crisis had raised hopes for stronger oil demand. U.S. West Texas Intermediate (WTI) crude futures fell 53 cents, or 1.22%, to $41.17 a barrel. Brent crude futures fell 16 cents, or 0.37%, to $43.28 a barrel. Both benchmarks rose as much as [Read more]
Headlines
Column: You are about to be hydrogenated – Hydrogen’s star is rising, and that’s a very good thing
Way back in the early 2000s, shortly after the complete and utter Y2K letdown, I met a guy at some corporate golf event. He was polite and kind to both my disturbing golf game and my 50-dollar Canadian Tire bag of scarred up irons, even though he was a president of an oil company. Perhaps his humility and down-to-earth manner was due to the humble origins of his company: he’d started it with a $25,000 loan from his mother. I can only imagine the scoldings at board meetings ("No more equity [Read more]
OPEC prepares for an age of dwindling demand
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. It has prompted some officials in the Organization of the Petroleum Exporting Countries, oil's most powerful [Read more]
Highwood Oil Company Ltd. announces redetermination of credit facility and operational update
CALGARY, AB, July 27, 2020 /CNW/ - Highwood Oil Company Ltd. (TSXV: HOCL) ("Highwood" or the "Company") announces revisions to the Company's reserve-based credit facility (the "Credit Facility"). Credit Facility Redetermination The Company, together with its sole lender, has completed the redetermination of its Credit Facility. The Company's Credit Facility has been confirmed at $38 million, with the earliest revolving period extended to September 30, 2020 and the term period amended to [Read more]
MEG Energy announces second quarter 2020 free cash flow of $69 million, exiting the quarter with credit facility undrawn and $120 million of cash on hand
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY, AB - MEG Energy Corp. (TSX: MEG), ("MEG" or the "Corporation") reported its second quarter 2020 operational and financial results. MEG continues to proactively respond to the safety and financial challenges associated with the COVID-19 pandemic and remains committed to ensuring the health and safety of all of its personnel and the safe and [Read more]
Development of LNG industry could create almost 100,000 jobs, says report
CALGARY - A report funded by the Canadian liquefied natural gas industry estimates that creating a 56-million-tonnes-per-year LNG industry in B.C. would result in nearly 100,000 jobs. The Conference Board of Canada report, funded by the Canadian LNG Alliance, examines a scenario where 56 million tonnes per year of LNG is produced by 2034, including an expansion of the $40-billion LNG Canada project now under construction in Kitimat, B.C. The LNG Canada website notes that the expansion [Read more]
U.S. natgas drops over 4% as output rises, cooling demand eases
U.S. natural gas futures dropped over 4% on Monday as output slowly rises and cooling demand eases, keeping the amount of gas expected to go into storage on track for a record high this year. Meteorologists projected temperatures will remain warmer than normal through at least mid-August but predicted the hottest days of summer were past. Front-month gas futures fell 8.3 cents, or 4.6%, to $1.725 per million British thermal units at 11:27 a.m. EDT (1527 GMT). Speculators, meanwhile, [Read more]
Bow River Energy Ltd. – CCAA sale & investment opportunity
Bow River Energy Ltd. (“Bow River” or the “Company”) has engaged Sayer Energy Advisors to assist with the marketing and consummating a transaction with respect to all of the Company’s oil and natural gas properties. The transaction may be a sale of all, or substantially all, of Bow River’s properties, or alternatively, it may take the form of an investment in the Company through a recapitalization, refinancing or other form of restructuring. On June 1, 2020 Bow River obtained an initial [Read more]
Oil slips as rising coronavirus cases, U.S.-China tensions weigh on markets
Oil prices edged down on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets. U.S. West Texas Intermediate (WTI) crude was at $40.82 a barrel, down 41 cents. Brent crude dipped 48 cents, or 1.11%, to $42.82 a barrel. The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world's two biggest economies following the closure of embassies in Houston [Read more]
Vermilion loses $71.3 million in second quarter on 55 per drop in revenues
CALGARY - Vermilion Energy Inc. is reporting a net loss of $71.3 million in its second quarter on a 55 per cent decrease in sales from a year earlier due mainly to the impact of the COVID-19 pandemic. The Calgary-based company says the loss amounted to 45 cents per share for the three month period that ended June 30, compared with a one cent per share or $2 million increase in the second quarter of 2019. The decrease in earnings and a 52 per cent drop in fund flows from operations was [Read more]