CALGARY - A new report predicts Canadian oilsands production will have its biggest annual decline on record this year, dropping by an average of nearly 175,000 barrels per day due to issues associated with the COVID-19 pandemic. But research firm IHS Markit says the step back in 2020 isn't expected to greatly affect the rest of its 10-year forecast. It says it expects oilsands production to reach 3.8 million barrels per day by 2030, down slightly from a previous forecast for 3.9 million [Read more]
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CER issues $40,000 Administrative Monetary Penalty to Trans-Northern Pipeline Inc.
TNPI failed to ensure that maintenance activities were conducted to safety standards set out in the company's maintenance safety manual. CALGARY, AB, July - The Canada Energy Regulator (CER) takes action to protect Canadians and the environment, and to prevent damage to pipelines. We regulate natural gas, oil, and commodity pipelines that extend beyond provincial, territorial or national boundaries. Not following proper procedures for operations and maintenance (O&M) activities of a [Read more]
U.S. shale producers, slammed by oil price crash, seen posting worst quarter since 2016
U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected to post their worst second-quarter results since 2016. Oil is down about 35% since January as fuel demand tumbled during economic lockdowns. Results include a modern nadir for crude with U.S. prices averaging less than $17 per barrel in April. "No one expects the second quarter to be anything but [Read more]
Oil prices drop as demand concerns offset U.S. stimulus hopes
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]
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]