All financial figures are in Canadian dollars, unless noted otherwise CALGARY - Suncor released its 2020 corporate guidance today which focuses on driving its $2 billion of incremental free funds flow target by 2023, achieving its 2030 sustainability targets, and reflects the company’s recent 800 MW cogeneration investment announcement. The capital program is expected to be between $5.4 and $6.0 billion with flat investment in oil related projects year over year. Upstream production is [Read more]
Headlines
Heavy discount widens slightly as monthly trading cycle begins
The discount on Canadian heavy crude widened slightly versus U.S. benchmark West Texas Intermediate (WTI) crude on Monday, the start of a new monthly trading cycle. Western Canada Select (WCS) heavy blend crude for January delivery in Hardisty, Alberta, was trading at $20.90 per barrel below WTI, according to NE2 Canada Inc, compared with Friday's settle of $20.75 below in thin trading. The heavy differential remained wide amid large inventories following a Canadian railway strike that [Read more]
U.S. oil output growth slows: just how much is anyone’s guess
U.S. oil producers could expand daily output by 1 million barrels next year, or by as little as 100,000 barrels, with the wide gap creating huge uncertainty as OPEC officials gather this week to weigh production curbs. Shale output has routinely defied naysayers over the past three years as U.S. production has surged to nearly 13 million barrels per day (bpd), making the nation the world's largest crude oil producer and a major exporter with an average of just under 3 million bpd so far this [Read more]
Canada’s premiers discuss demands to new Trudeau govt as oil patch struggles
The premiers of Canada's provincial and territorial governments began meeting on Monday to discuss their demands to Prime Minister Justin Trudeau's new government as frustration simmers in the Western oil patch. The group, known as the Council of the Federation, is gathering for the first time since Trudeau's Liberals failed to win a seat in either Alberta or Saskatchewan, the heart of the country's struggling oil industry, in the October national election. The sense of western alienation [Read more]
Oil rises over 1% on hopes for deeper OPEC cuts, Chinese factory growth
Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year. West Texas Intermediate (WTI) futures rose 91 cents, or 1.7%, to $56.08 a barrel, having risen by more than $1 earlier. Brent crude futures rose 76 cents, or 1.3%, to $61.25 a barrel by 0415 GMT. On Friday, WTI futures settled 5.1% lower while Brent [Read more]
Granite Oil Corp. Provides Preliminary 2020 Plans and Fall Borrowing Base Redetermination
CALGARY- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX:GXO)(OTCQX:GXOCF) is pleased to provide preliminary 2020 plans and announce the fall review of the Company’s borrowing base redetermination of its credit facility has been completed. Granite is planning a capital program in 2020 that continues to prioritize significant debt repayment while growing production and adding producing reserves at highly efficient and economic metrics. Following a successful recompletion test in August 2019, [Read more]
Husky Energy Announces 2020 Capital Spending and Production Guidance
CALGARY- Husky Energy’s capital program for 2020 will be $3.2-$3.4 billion, with average annual Upstream production forecast to be in the range of 295,000-310,000 barrels of oil equivalent per day (boe/day), inclusive of an allowance for curtailment. The capital program is being reduced by $500 million in the 2020-2021 timeframe compared to Husky’s May 2019 Investor Day plan, reflecting $100 million in reductions in 2020 and $400 million in 2021. The oil price assumption for 2020 and 2021 is [Read more]
Leading Independent Proxy Advisor Firm ISS Recommends that Pengrowth Energy Corporation Shareholders Approve the Arrangement with Cona Resources Ltd.
CALGARY, Alberta, Dec. 02, 2019 (GLOBE NEWSWIRE) -- Pengrowth Energy Corporation (“Pengrowth” or the “Company”) (TSX:PGF, OTCQX:PGHEF) today announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, released a report (the "ISS Report") recommending that Pengrowth shareholders vote in favour of the proposed arrangement (the "Arrangement") with Cona Resources Ltd. (the “Purchaser”), a portfolio company of Waterous Energy Fund. The ISS Report states [Read more]
Obsidian Energy Appoints Stephen Loukas Interim President & CEO and Makes Other Appointments to Management Team including Peter Scott as the Senior Vice President, CFO; Announces Reconfirmation of the Company’s Syndicated Credit Facility Provides Operational and Hedging Update Approval of the $49.4 Million First Half 2020 Capital Plan
CALGARY - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to announce the appointment of Stephen E. Loukas as Interim President and CEO, effective December 5, 2019. Mr. Loukas will succeed current Interim President and CEO, Michael J. Faust, who will return to his prior position of Independent Director and take on new responsibilities as Chair of the Commercial Committee. Gordon Ritchie, Chairman of the Board of Directors [Read more]
MEG Energy announces successful completion of its 2020 rail strategy and reaffirms 2020 production guidance
CALGARY - MEG Energy Corp. (TSX:MEG) announced today it has successfully completed rail contracting to support its 2020 production guidance. On November 21, MEG announced 2020 production guidance of 94,000 to 97,000 bpd of bitumen which was dependent in part on the Corporation's ability to re-contract a significant portion of its rail loading capacity which was previously contracted for blend sales agreements with the Alberta Petroleum Marketing Commission. The required re-contracting has [Read more]