Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey showed on Friday. Analysts in the snap poll slashed their forecasts of Brent crude prices to $42 a barrel on average this year versus the $60.63 consensus in the February monthly poll. The global benchmark is expected to average about $34.87 in the second quarter and [Read more]
Headlines
ARC Resources Ltd. Announces Reduced Capital Program of up to $300 Million for 2020 and Reduces Its Monthly Dividend to $0.02 per Share
CALGARY - (ARX - TSX) ARC Resources Ltd. ("ARC" or the "Company") announces that its board of directors (the "Board") has approved actions to right-size the Company's 2020 capital budget and dividend. The 2020 capital budget has been reduced from $500 million to no more than $300 million, and ARC has reduced its monthly dividend from $0.05 per share to $0.02 per share. After the payment of the March dividend, ARC intends to change to a quarterly dividend of $0.06 per share compared to its [Read more]
Heavy discount narrows on risk of production cuts
Canadian heavy crude's discount narrowed versus U.S. benchmark West Texas Intermediate (WTI) oil on Thursday, as falling global prices raised the potential for production cuts. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, settled at $12 per barrel below WTI, according to NE2 Canada Inc, narrower than Wednesday's settle of $12.75 under. Canadian heavy prices have maintained a narrow differential with U.S. prices due to the potential of output being [Read more]
Husky Energy Cuts 2020 Spending By $1 Billion
This news release contains references to the non-GAAP financial measure “debt to capital”. Please refer to “Non-GAAP Measures” at the end of this news release. CALGARY, Alberta - Husky Energy is taking a series of actions to fortify its business in response to challenging global market conditions. These initiatives reflect the Company’s commitment to capital discipline, which includes maintaining the strength of its balance sheet while protecting value in an extended low commodity price [Read more]
North American oil producers slash budgets by about 30% to cope with oil price rout
North America oil and gas producers have slashed their capital spending by about 30% on average after crude prices crashed early this week, according to data compiled by Reuters. Oil producers have been scaling back spending since the last price crash in 2014, and the latest cuts come as the coronavirus outbreak crimps demand and a price war between top producers Saudi Arabia and Russia threatens to flood the oil market, pushing U.S. crude to about $30 a barrel. Devon Energy, Apache Corp [Read more]
Ovintiv Takes Immediate and Significant Action; Reduces Second Quarter 2020 Capital Investments by $300 Million; Full-Year Cash Costs to Drop by $100 Million
Company dropping 10 operated rigs immediately and an additional six rigs in May DENVER, March 12, 2020 /CNW/ - Ovintiv Inc. (NYSE, TSX: OVV) today announced plans to immediately reduce second quarter 2020 capital investments by $300 million and full year cash costs by $100 million. This is the first step in response to the recent large drop in oil prices. The Company has no long-term service commitments to fulfill and intends to use its operational flexibility to maintain balance sheet [Read more]
Topaz Announces Executive Appointments and Declares its First Dividend
CALGARY - Topaz Energy Corp. ("Topaz" or the "Company") is pleased to announce the following executive officer appointments. Mr. Marty Staples, currently Manager Land at Tourmaline Oil Corp. ("Tourmaline"), will be joining Topaz as the President and Chief Executive Officer. Mr. Staples will be joined by Ms. Cheree Stephenson as Topaz's Vice President, Finance and Chief Financial Officer. Both are expected to assume their new positions in April 2020. Additional Topaz management team and [Read more]
Oil slumps 4% as U.S. bans travel from Europe over coronavirus pandemic
Oil prices slumped again on Thursday amid a broader market rout after the United States banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic. The threat of a flood of cheap supply compounded market concerns as Saudi Arabia promised to raise oil output to a record high in a standoff with Russia. U.S. crude was down $1.40, or 4.3%, at $31.67 after dropping 4% in the previous session. Brent crude was trading down $2.17, or 6.2%, at $33.40 by [Read more]
Company Flushing Out Canada Gas Prospects
March 10, 2020 – Sweet Gas Production – U.S. based, Canadian company has an immediate need for in excess of 560 103 m3/day of dry, sweet gas in the Western Canadian Sedimentary Basin. Production can be split in minimum of 28 103 m3 tranches and tied in to a central gathering point. Terms to be negotiated and willing to purchase operated properties or gas prior to a sales point. Please contact info@grouseenergy.ca [Read more]
Tidewater Midstream and Infrastructure Ltd. Announces Fourth Quarter 2019 Results and Operational Update
CALGARY, March 12, 2020 /CNW/ - Tidewater Midstream and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX: TWM) is pleased to announce that it has filed its annual consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2019. Recent Market Volatility Tidewater takes the severe downturn in the energy industry very seriously and has been working extremely hard over the past three years to minimize its major risks [Read more]