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]
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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]
Heavy discount remains narrow amid global price rout
Canadian heavy crude's discount widened slightly versus the U.S. benchmark West Texas Intermediate (WTI) crude on Monday, remaining in a narrow range as global crude oil prices collapsed. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, settled at $13.50 per barrel below WTI, according to NE2 Canada Inc, wider than Friday's settle of $13.40 under. The drop in international prices prevented the gap between WCS and WTI from widening significantly, a [Read more]
As Saudi Arabia blows up crude oil market, stand by for fallout
Saudi Arabia has detonated a metaphorical nuclear weapon in the global oil market, blowing up prices and trade relationships with its decision to slash the cost of its own crude while ramping up output.The Saudi move was no shot across the bows aimed at Russia’s reluctance to extend and boost a deal to curb production. Instead, it was a full-on declaration of war. Saudi Aramco aims to lift its output above 10 million barrels per day (bpd) in April, possibly as high as 11 million bpd, two [Read more]
Oil demand set for first contraction since 2009 due to coronavirus – IEA
Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday. The downward revision came as oil prices dropped as much as third in their biggest one-day fall since the 1991 Gulf War after Saudi Arabia launched a bid for market share following the collapse of an output pact with Russia. The energy watchdog said it expected oil demand to be 99.9 million barrels [Read more]
Oil futures fall over 20% after Saudi Arabia slashes selling prices
Oil futures dropped more than 20% on Sunday to their lowest since 2016 after Saudi Arabia slashed its official selling price (OSP), signaling the start of a price war after OPEC talks with Russia failed to produce an agreement on production cuts. On Friday, Russia balked at OPEC’s proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus. OPEC responded by removing limits on its own production. Brent futures fell $9.57, or 21.1%, to $35.70 a barrel, [Read more]
Column: Everyone paying attention now? THAT’s what a swing producer can do
What a strange feeling to be talking about good old energy markets again, after months lost in the advocacy wilderness (Canadian Energy Centre, if this is your idea of help, please go wait quietly in the cigar lounge with all the others from whom we expect more, and you know who you are). The mind-bending challenge of trying to defend Canada’s place as a worthy supplier of the energy the world needs and demands against people that don’t understand that is overwhelming. It is, therefore, a relief [Read more]
Kelt Reports Financial and Operating Results for the Quarter and Year Ended December 31, 2019
Calgary, Alberta - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") has released its financial and operating results for the fourth quarter and year ended December 31, 2019. The Company's financial results are summarized as follows: FINANCIAL HIGHLIGHTS Three months ended December 31 Year ended December 31 (CA$ thousands, except as otherwise indicated) 2019 2018 % 2019 2018 % Petroleum [Read more]
MKS Investments is Looking for Canadian Power, Mid-stream, Petrochemical Investment Opportunities
MKS Investments Ltd. (“MKS”) is looking for investment opportunities in Canadian power, mid-stream, and petrochemical projects on behalf of a Korean financial investor (the “Investor”). The Investor has worldwide infrastructure, power generation and energy investments in the United States, Europe, Asia, and Middle East with total fund size of C$ 20.6 billion. Currently, the Investor is interested in existing facilities or infrastructure in Canada with steady revenue stream and the type of [Read more]
Industry Icon Mac Van Wielingen to Deliver Opening Keynote at Canadian Gas Dialogues 2020
Industry icon Mac Van Wielingen, founder, director and partner of ARC Financial and ARC Resources, will deliver the opening keynote address at Natural Gas World’s upcoming Canadian Gas Dialogues conference April 1 at the Calgary Petroleum Club. Mac and two partners founded ARC Financial – then known as PowerWest Financial – in 1989, initially to provide corporate advisory services and in-depth investment research. Soon, the company began making equity investments in early stage energy [Read more]