Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, industry sources and analysts say. The world's top oil exporter will cut crude production by 23% to about 8.5 million bpd in May and June, under a supply reduction pact with OPEC+ alliance to shore up prices hammered by demand destruction due to the coronavirus-related [Read more]
Headlines
Oil prices rise on demand prospects as lockdowns start to ease
Oil prices rose on Tuesday, extending gains from the previous session, on expectations that fuel demand will begin to recover as some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures. West Texas Intermediate (WTI) crude futures rose as much as 8.2% to a three-week high of $22.06 per barrel and were up 6.5%, or $1.33, at $21.72 at 0454 GMT. The U.S. benchmark is on a five-day win streak that started on April 29. Brent crude futures hit a high of [Read more]
MEG Energy cuts capital spending plan again, reports $284M Q1 loss
CALGARY - MEG Energy Corp. cut its capital spending guidance for a second time due to the COVID-19 pandemic as it reported a first-quarter loss of $284 million. The company now expects its capital spending to total $150 million, down from an estimate of $200 million in March and $250 million in its original guidance released late last year. The company is also reducing non-energy operating cost and general and administrative expenses by $20 million and $10 million respectively. The [Read more]
Pieridae & Uniper Agree to Extend Key Deadlines in Their Long-Term LNG Agreement
Goldboro LNG Project Continues to Move Forward CALGARY, Alberta - Pieridae Energy Limited (Pieridae or the Company) (TSXV: PEA) today announced it has negotiated extensions of the key deadlines under its 20-year agreement with German energy company Uniper Global Commodities (Uniper). These include expected commercial deliveries of gas to Uniper to start between August 31st, 2025 and February 28th, 2026; and the extension to June 30, 2021 of the deadline to make a positive final investment [Read more]
Petrus Resources announces first quarter 2020 financial & operating results
CALGARY, Alberta- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to report financial and operating results as at and for the three months ended March 31, 2020. Petrus is focused on generating free cash flow for debt repayment and further development of its Ferrier Cardium asset. The severe impact of the oil demand destruction caused by the COVID-19 pandemic combined with excess oil supplies, has led to extreme volatility in global oil markets, including the first ever [Read more]
Bonavista Energy Corporation Provides Financial Update
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") announces that it has entered into forbearance agreements (the "Forbearance Agreements") with the lenders (the "Lenders") under the Company's amended and restated credit agreement dated as of September 8, 2017 (the "Credit Agreement") and with holders (the "Noteholders") of the Company's senior notes (collectively, the "Notes"). Pursuant to the Forbearance Agreements, the Lenders and the Noteholders have [Read more]
Perpetual Energy Inc. reports first quarter 2020 financial and operating results
CALGARY – Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to release its first quarter 2020 financial and operating results. A complete copy of Perpetual's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2020 can be obtained through the Company's website at www.perpetualenergyinc.com and SEDAR at www.sedar.com. EAST EDSON TRANSACTION On April 1, 2020, the [Read more]
MEG Energy announces first quarter 2020 free cash flow of $24 million, current full year 2020 hedge book value of $525 million and a further 25% reduction in full year capital investment to $150 million
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY - MEG Energy Corp. (TSX:MEG, "MEG" or the "Corporation") reported its first quarter 2020 operational and financial results. MEG continues to respond proactively to the safety and financial challenges associated with the COVID-19 pandemic. "We are committed to ensuring the health and safety of all our personnel and the safe and reliable [Read more]
Heavy discount narrows as production cuts mount
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Monday, surpassing an 11-year low set on Friday. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $3.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Friday's settle of $5.35 under. Prices at that level were the lowest recorded by NE2 in data that goes back to 2009. Cuts to Canadian oil production totalled at least 525,000 [Read more]
Enbridge to store Canadian crude in Mainline pipeline amid weak demand
Enbridge Inc said on Monday the Canadian pipeline operator has reached a deal with shippers to temporarily store crude oil in North America's largest oil pipeline network from June 1 and is working with governments to provide additional capacity. A crash in crude prices due to global economic restrictions aimed at curbing the novel coronavirus pandemic has forced oil companies to cut costs and production while stoking fears that global storage levels are fast approaching capacity. Enbridge [Read more]