U.S. natural gas futures rose more than 6% on Tuesday, following an 8% increase in oil prices, on hopes of economic stimulus and expectations the oil price collapse will prompt U.S. drillers to cut back on oil and gas production in shale basins. Analysts said a cutback in U.S. production and a possible increase in gas use spurred by low prices should give demand a chance to grow and absorb some of the supply glut building over the past few years. Much of the growth in U.S. gas output [Read more]
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Alberta premier says all options on table to fight oil price collapse
Alberta Premier Jason Kenney says his government will do whatever it takes to rescue the province from an oil price collapse and he wants the federal government to step up as well. “This is not just about Alberta. As Alberta goes, so goes the national economy,” Kenney said in Calgary on Monday, after markets closed with cratering oil prices threatening to drain billions of dollars from the province’s bottom line. “Albertans, even in our times of economic trial, have been contributing $20 [Read more]
Oil prices jump 14% after biggest one-day fall since 1991
Oil prices jumped more than 14% on Tuesday, clawing back some ground on hopes that a price war by top producers Saudi Arabia and Russia that sparked the biggest daily rout since the 1991 Gulf War will not be sustained. U.S. shale producers also rushed to deepen spending cuts and could reduce future production after OPEC's decision to pump full bore into a global market hit by shrinking demand due to the coronavirus outbreak. West Texas Intermediate (WTI) crude gained $4.30, or around [Read more]
Saudi Arabia tries shock tactics to bring oil war to swift end
Saudi Arabia has escalated its oil market conflict with Russia in an attempt to force Russia back to negotiations or compel the United States to intervene and help broker a new agreement. Saudi Aramco has said it will lift the volume of oil supplied to the market to 12.3 million barrels per day (bpd) next month, which is more than 2.0 million bpd above its current output and 0.3 million bpd above its sustainable capacity. Increasing supply rapidly by withdrawing oil from inventories and [Read more]
Exclusive interview with Director of Operations for Enterprise Services at Enbridge. Biju discusses Enbridge’s continuous improvement and digital transformation journey
Read the exclusive interview to find out how Enbridge is: Using business and technology road mapping to successfully automate your operations Setting up an Automation CoE and implementing ‘bots’ throughout the business Using RPA, Process Mining and computing software to efficiently get employees the information they need, when they need it Read the interview here. Biju Misra will also be speaking at the Operational Excellence in Energy, Chemicals & Resources Summit this June [Read more]
Petrus Resources Announces Management Resignation
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces that Ms. Cheree Stephenson has tendered her resignation as VP Finance and Chief Financial Officer to pursue other business opportunities. Ms. Stephenson has advised she will remain with the Company until mid April 2020 to allow Management and the Board of Directors to find a replacement for the position. The Company intends to commence a search for a new Chief Financial Officer. As a founding member of [Read more]
Cenovus responds to low oil prices with reduced 2020 capital spending
CALGARY, Alberta - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) is reducing its 2020 capital spending by approximately 32% in order to maintain the strength of its balance sheet. Cenovus is also temporarily suspending its crude-by-rail program and deferring final investment decisions on major growth projects. These measures are being taken in response to the recent significant decline in world benchmark crude oil prices. The company continues to work toward funding its revised capital program and [Read more]
Surge Energy Inc. Announces 2019 Fourth Quarter and Year-End Financial and Operating Results; 2019 Year-End Reserves; and Dividend Reduction
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter and year ended December 31, 2019, and its year-end 2019 reserves, as evaluated by Sproule. MESSAGE TO THE SHAREHOLDERS Surge had a solid year in 2019. The Company's 2019 production averaged 21,175 boepd (84% oil and NGLs), an increase of more than 17 percent as compared to 2018 average production volumes of 18,058 boepd (81% oil and NGLs). During [Read more]
Journey Energy Inc. Reports its 2019 Year-End Results
CALGARY - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) ("Journey" or the "Company") is pleased to announce its 2019 operating and financial results. The complete set of financial statements and management discussion and analysis for the year ended December 31, 2019 are posted on www.sedar.com and on the Company's website www.journeyenergy.ca. Highlights for 2019 were: The Duvernay joint venture with Kiwetinohk Resources Corporation ("KRC") commenced operations with the drilling of 3 [Read more]
Ovintiv Reiterates Strong Capital Structure, Significant Liquidity and Operational Flexibility
DENVER - Ovintiv Inc. (NYSE, TSX: OVV) today provided additional information related to its strong capital structure and liquidity. In addition, the Company has great flexibility to quickly adapt operations to changing market conditions. "In addition to our liquidity, we have substantial operational flexibility and a track record of driving cost reductions across the business," said CEO Doug Suttles. "We will be reducing our near-term capital spending to ensure we maintain free cash [Read more]