Oil prices traded at three-month highs on Monday, underpinned by optimism over an expected U.S-China trade deal, while traders kept a close eye on the Middle East following a U.S. air strike. Markets showed little initial reaction to news of the U.S. strikes in Iraq and Syria against an Iran-backed militia group, even as U.S. officials warned "additional actions" may be taken. West Texas Intermediate (WTI) crude futures edged up 5 cents to $61.77 a barrel by 0529 GMT. The U.S. benchmark is [Read more]
Headlines
Canada weekly rig count down 50 to 99
Canada’s fleet of active drilling rigs shrank from 153 to 149 since last week according to data from Baker Hughes. Total drilling count was 99 at December 27. 52 rigs were drilling for oil; 47 for natural gas. The drilling activity in Alberta decreased, shrinking from 102 to 64 rigs. Saskatchewan’s drilling declined from 33 to 22 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for first month in 13 -Baker Hughes
U.S. energy firms reduced the number of operating oil rigs for the first time in three weeks as producers follow through on plans to slash spending on new drilling. Drillers cut 8 oil rigs in the week to Dec. 27, bringing the total count down to 677, the lowest since the week to Nov. 15, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 885 active rigs. That put the oil rig count down 208 for the year, its first [Read more]
Oil hits 3-month highs as strong U.S. consumer spending underpins growth hopes
Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world's no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. West Texas Intermediate contract was up 13 cents, or 0.2%, at $61.81 a barrel. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT A survey on Thursday showed that online holiday purchases by U.S. consumers reached a record, [Read more]
TC Energy to sell a 65 per cent equity interest in Coastal GasLink pipeline
CALGARY - The company behind the $6.2-billion Coastal GasLink pipeline in British Columbia says it's made a deal to sell a 65 per cent equity interest in the project. TC Energy Corp. says in a news release that it has entered into an agreement for the sale to KKR and Alberta Investment Management Corporation (AIMCo), on behalf of certain AIMCo clients. The pipeline's planned 670-kilometre route from northeastern B.C. to LNG Canada's export terminal in Kitimat is intended to deliver natural [Read more]
New Oil and Gas Jobs From BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Dec. 24 WATER TRANSFER FIELD SUPERVISOR - (FJF) Trican Well Service Ltd. Fort St. John Dec. 24 LEAD HAND, WATER TRANSFER - (FJF) Trican Well Service Ltd. Fort St. [Read more]
Perpetual Energy Inc. Provides Credit Facility, First Quarter 2020 Capital Program and Sequoia Litigation Update
CALGARY – Perpetual Energy Inc. ("Perpetual" or the "Company") announces that its syndicate of lenders have completed their semi-annual borrowing base redetermination. The revolving bank debt borrowing limit ("Borrowing Limit") will be reduced by the Company's lenders from $55 million to $45 million on or prior to January 22, 2020, with the next Borrowing Limit redetermination scheduled on or prior to March 31, 2020. The credit facility will continue to revolve until March 31, 2020 and may be [Read more]
Oilpatch buyers expected to stay on the sidelines in 2020, analysts say
CALGARY - A mindset of "hunkering down" in the face of persistent headwinds means mergers and acquisitions activity in Canada's oilpatch will likely remain at low ebb in 2020, analysts say. A recent spate of consolidation of producers in prolific Texas oilfields — WPX Energy announced the US$2.5-billion purchase of Felix Energy last week — has some investors wondering when the same thing will happen in Canada, particularly in the rich Montney resource play on the northern Alberta-B.C. border, [Read more]
Point Loma Resources Announces First Closing of Wizard Lake Transaction
CALGARY - Point Loma Resources Ltd. (TSXV:PLX) ("Point Loma" or the "Corporation") is pleased to announce the first closing of a transaction to rationalize its assets and monetize its working interest at Wizard Lake, Alberta. Highlights As per the December 17, 2019 press release, Point Loma has completed the first closing of the Wizard Lake transaction (the "Transaction") with the receipt of $1.2 million cash consideration and the transfer of various working interest properties to Point [Read more]
Oil declines, but losses limited as U.S.-China near trade deal
Oil prices slipped on Monday, but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed "very shortly". West Texas Intermediate was down 25 cents at $60.19 a barrel. Brent crude was down 15 cents, or 0.2%, at $65.99 a barrel. A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the [Read more]