CALGARY - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to announce 2020 average production guidance of 315,000 – 320,000 boepd on 2020 EP capital spending of $925.0 million. The Company anticipates 2020 free cash flow(1) of $345.0 million utilizing strip commodity pricing. The 2020 free cash flow will be employed for share buybacks, possible dividend increases, and continuing debt reduction. Tourmaline is targeting a 2020 exit net debt(2)-to-cash flow ratio of 1.2 [Read more]
Headlines
Oil falls as U.S. inventories rise but demand hopes stem bigger drop
Oil prices fell on Wednesday after U.S. industry data showed a surprise build up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade row. West Texas Intermediate (WTI) fell 10 cents, or 0.13%, to $60.44 per barrel. Brent dropped 14 cents, or 0.20%, to $65.70 a barrel. Prices had risen more than 1% in the previous session after the announcement last week of the so-called Phase One [Read more]
Gear Energy Ltd. Provides 2020 Budget Guidance
CALGARY, Dec. 18, 2019 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) is pleased to announce that Gear's Board of Directors have approved a $50 million capital budget for 2020 targeting further growth in funds from operations ("FFO") per debt adjusted share through a strategic balance between production stability, continued improvement of the strong balance sheet and additional purchases of Gear's common shares under the Normal Course Issuer Bid ("NCIB"). The Gear team will maintain focus [Read more]
Column: Not dead yet: goodbye to 2019 and the fairy tale about a quick energy transition
Grain of sand in an hourglass It came down to him or me Canada’s greatest band The Headstones - “Long Way to Neverland” As the year draws to a close, it’s natural to look back at the one just past and ruminate on how it went. If you were thinking of doing that, let me save you some time: Bad idea. If you’re reading this, you’re interested in energy, and if you’re interested in energy it has been an exasperating and dumbfounding year. There were, in effect, two central [Read more]
XI Technologies: What happened to the AER’s LMR report?
XI Technologies: What happened to the AER’s LMR report? 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. For years, the Alberta Energy Regulator (AER) has provided monthly detailed liability management rating (LMR) reports that many in the industry used for over the fence [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. 17 Facilities Engineer - Contract Long Run Exploration Ltd. Calgary Dec. 17 Production Engineer - Contract Long Run Exploration Ltd. Calgary Dec. [Read more]
Ottawa’s consultation with Indigenous groups on pipeline was meaningful: Lawyer
VANCOUVER - Lawyers for the Canadian government say it conducted a new round of consultations with Indigenous groups about the Trans Mountain pipeline expansion that was reasonable, adequate and fair. Jan Brongers began arguments on behalf of the federal government today asking the Federal Court of Appeal to toss out legal challenges to the government's approval of the project for the second time. The court has heard from four Indigenous groups in British Columbia that say the government [Read more]
Canada argues in court: National measures needed to address ‘climate crisis’
EDMONTON - Lawyers for the federal government are defending Canada's carbon tax by saying the climate crisis requires national measures. The law that brought in the federal levy is being challenged by Alberta in the province's Court of Appeal this week. Sharlene Telles-Langdon, in her opening arguments in support of Ottawa, called climate change the greatest challenge of our time. She said the problem and the scientific understanding of it have grown enough that federal action is [Read more]
Big oil, big banks and environment leaders link up to solve ‘climate crisis’
OTTAWA - Some of Canada's biggest oil companies are joining forces with environmentalists to develop policies for both the economy and the climate. The Energy Future Forum, which is organized by the Public Policy Forum, had its inaugural meeting Monday in Toronto. The founding members of the group include Suncor Energy, Imperial Oil and Shell Canada Ltd., as well as the World Wildlife Federation, the International Institute for Sustainable Development and representatives from the federal [Read more]
Oil rises to 3-month highs on U.S.-China trade hopes, supply cuts
Oil prices rose on Tuesday to rreach a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline, set to stoke oil demand in the world's biggest economies. West Texas Intermediate crude was up 43 cents to $60.63 a barrel. Brent crude oil futures had risen by 36 cents to $65.70 a barrel, while Under a partial trade agreement announced last week, Washington will reduce some tariffs on Chinese imports in exchange for Chinese [Read more]