TORONTO - International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 679,612 IPC common shares (ISIN: CA46016U1084) during the week of December 9 to 13, 2019 under the previously announced share repurchase program. The share repurchase program, announced by IPC on November 7, 2019, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation [Read more]
Headlines
Heavy discount widens to near the biggest in a year
The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday as traders continued to focus on record stockpiles. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, traded at $22 per barrel below WTI, according to NE2 Canada Inc, near the widest level since early December 2018. WCS settled at $21.50 below futures on Thursday. Light synthetic crude from the oil sands traded $2.95 below WTI, steady [Read more]
Questerre announces resignation of Mr. Sans Cartier from Board of Directors
CALGARY, Alberta, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today that Mr. Sans Cartier has resigned from the Board of Questerre to pursue a new career opportunity. The Board of Directors would like to thank Mr. Sans Cartier for his valuable contribution over the past six years and wish him the best of luck with his future endeavors. Questerre Energy Corporation is an energy technology and innovation company. It is [Read more]
Canada weekly rig count at highest level in 9 months, up 15 to 153
Canada’s fleet of active drilling rigs grew from 138 to 153 since last week according to data from Baker Hughes. Total drilling count was 153 at December 13. 96 rigs were drilling for oil; 57 for natural gas. The drilling activity in both Alberta and Saskatchewan increased, with Alberta growing from 91 to 98 and Saskatchewan gaining another 8 wells, from 33 to 41. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for first week in eight
U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling. Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 873 active rigs. That keeps the oil rig count on track to fall for the first year since 2016. The decline, however, only totals 218, which is [Read more]
Oil prices hit highest in 3 months as U.S.-China trade deal takes shape
Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world's two biggest economies that has raised big questions about global demand for crude. West Texas Intermediate (WTI) crude was up 31 cents, or 0.5%, to $59.49 a barrel, the highest since Sept. 16. Brent futures climbed 43 cents, or 0.7%, to $64.63 a barrel, its highest since Sept. 23. "Risk appetite ran wild after Trump [Read more]
Canadian Oil & Natural Gas Production Set to Soar Through 2040
Canada’s oil and natural gas production is projected to have steady growth through 2040 as key pipeline and export infrastructure are completed and prices rise over the long-term, according to the Canada Energy Regulator’s first long-term energy outlook. Specifically, the CER report finds that crude oil production is expected to grow by nearly 50 percent to around seven million barrels per day and natural gas production is set to increase by over 30 percent to over 20 billion feet per day. [Read more]
U.S. natgas futures fall over 2% on less cold weather forecasts
U.S. natural gas futures on Friday dropped over 2% on forecasts for less cold weather later in December than previously expected. In addition, traders noted prices fell because the market expects inventories to return to a surplus over the five-year average over the next week or two as rising production enables utilities to leave more gas in storage, wiping away lingering concerns of potential supply shortages this winter. Front-month gas futures for January delivery on the New York [Read more]
AltaGas Ltd. Announces Aggregate $500 Million Medium-Term Note Offering
CALGARY - AltaGas Ltd. ("AltaGas") (TSX: ALA) today announced that it has agreed to issue $500 million of senior unsecured medium-term notes (the "Notes") with a coupon rate of 2.609 percent, maturing on December 16, 2022 (the "Offering"). The Offering is expected to close on or about December 16, 2019. The net proceeds resulting from the Offering will be used to pay down existing indebtedness under AltaGas' credit facility and for general corporate purposes. The Offering is being made [Read more]
Surge Energy Inc. Announces 2020 Budget
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its budget guidance for 2020 as approved by the Company's Board of Directors. 2020 BUDGET – DEFENSIVE AND SUSTAINABLE Surge's disciplined 2020 capital expenditure budget reaffirms the Company's commitment to free cash flow generation and debt reduction. Surge's Board of Directors has approved a defensive, sustainable budget for 2020 at US $56.50 WTI flat pricing (less than current strip), [Read more]