Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Wednesday, as rising inventories offset hopes for a recovery in fuel demand that has been pummeled by the coronavirus pandemic. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.50 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday's settle of $4.85 under. U.S. crude stocks and distillate inventories rose while gasoline [Read more]
Headlines
Painted Pony provides an operational update and first quarter 2020 financial and operating results
CALGARY, Alberta - Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation”) (TSX: PONY) is pleased to announce first quarter 2020 financial and operating results. HIGHLIGHTS: Averaged strong first quarter 2020 production volumes of 319 MMcfe/d (53,141 boe/d) which is 18% higher than fourth quarter 2019 production of 271 MMcfe/d (45,173 boe/d). Realized an average natural gas price of $2.30/Mcf, 13% higher than the average AECO 5A daily spot price of $2.03/Mcf, and a combined [Read more]
Canada’s Imperial Oil says 50 birds died after landing on its tailings ponds
About 50 birds have died in Canada's oil heartland of Alberta after landing on tailings ponds at Imperial Oil's Kearl Lake site, the integrated energy company said on Tuesday. Since April 26, there have been several days when more than more than 100 birds - mostly grebes and shorebirds - have landed on tailings ponds, a spokesman for the company told Reuters. Over this period, about 60 oiled birds have been collected, of which 50 have died, the spokesman said. Partially oiled birds are [Read more]
Alberta suspends environmental monitoring rules for oilsands over COVID concerns
EDMONTON - The Alberta Energy Regulator has suspended a wide array of environmental monitoring requirements for companies in the oilsands. The suspensions have been granted over public health concerns raised by the COVID-19 pandemic. The decision, released earlier this week, affects the operations of Imperial Oil, Suncor, Syncrude and Canadian Natural Resources Ltd. They no longer must test ground and surface water, look for leaking gases, or monitor wildlife and birds. Air-quality [Read more]
Oil prices fall as rising U.S. inventories reassert supply concerns
Oil prices fell on Wednesday, ending a multi-day streak of gains, as investors focused on oversupply risks after U.S. crude inventories rose more than expected amid a slump in demand caused by restrictions to halt the coronavirus spread. U.S. West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were down $1.68 at $25.43 a barrel at 0201 GMT. WTI has snapped a five-day winning streak. Brent crude futures were down $2.01 at $30.97 a barrel, or [Read more]
Obsidian Energy announces first quarter 2020 financial and operational results
CALGARY - OBSIDIAN ENERGY LTD. (TSX – OBE, OTCQB – OBEL) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce our first quarter 2020 financial and operational results. All figures are in Canadian dollars unless otherwise stated. Obsidian Energy's unaudited interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") as at and for the three months ended March 31, 2020 can be found on our website at www.obsidianenergy.com. The documents [Read more]
Crescent Point reports $2.32-billion Q1 loss due to plunge in oil prices
CALGARY - Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56 billion due to the plunge in oil prices. The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9 million or less than a penny per diluted share a year ago. Crescent Point says its adjusted net earnings from operations totalled $48.7 million or nine cents per share for the quarter ended March 31 compared [Read more]
Column: Oil market mayhem hard to analyze, even without Russia/Saudi antics
“I’m not a pessimist, I’m an optometrist.” Ricky, lovable imbecile and small-time felon from "Trailer Park Boys" (bless you Netflix) If there is anything funny at all about the COVID-19 experience, other than some very clever memes making the rounds, it’s the way that market commentators, the ones that “give meaning” to the day’s market activity, have been reduced to puddles of gibberish in trying to explain what’s going on. They try hard, oh lord they do try, but the standard reference [Read more]
Quickly get to the front of the line for the alberta site rehabilitation incentive program
On April 24th, Alberta’s provincial government announced the implementation of the Alberta Site Rehabilitation Incentive Program, funded as part of the federal government’s COVID-19 Economic Response Plan, which will allow industry to access up to $1 billion to perform site closure work. The program launched on May 1 and provides grants directly to service companies as a method to get Alberta’s service industry working again. Oil field services contractors are eligible to apply for grants [Read more]
XI Technologies: Open Asset Evaluation for May 2020
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. Succeeding in oil and gas M&A comes down to how well and how quickly you can analyze potential opportunities. Once a month, XI Technologies will apply its evaluation tools to a currently available asset to give readers a sense of [Read more]