Oil prices pulled back from their highest levels in nearly two months on Friday amid continued overtainty over whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. West Texas Intermediate crude was at $58.20 a barrel, down 38 cents or 0.7%. Brent crude [Read more]
Headlines
U.S. natgas futures rise on forecasts for more cold and heating demand in December
U.S. natural gas futures edged up on Friday as the market focused more on forecasts for colder weather and more heating demand during the first week of December than warmer than previously expected weather next week. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 2.9 cents, or 1.1%, to $2.596 per million British thermal units at 8:07 a.m. EST. For the week, the front-month was down about 3%, putting the contract on track to fall for a second week [Read more]
Column: Junior Companies, Doom and Gloom, and the Largest Alberta Discovery of the Past 20 Years
In Part I of this series we learned of some stunning results in an overlooked heavy oil play called the Clearwater, where companies are producing heavy oil without the need for frac stimulation or steam injection, bringing us some much needed uplift in our time of deep morose. Whether it’s the upcoming opening of the Enbridge Line 3 Replacement (Canadian leg) or the early 2020 startup of the Sturgeon Refinery, we must take our good news where it can be found. Something else has emerged, [Read more]
Location, Location, Location – East Duvernay Water Hub
By: Geoff Kovacik “Very often as an entrepreneur, the business opportunities you should look for should speak to a global trend. And right now, a predominant global trend is sustainability” Daniel Hatfield – Edge Growth Figure 1: East Duvernay - Haynes Member Aquifer Isopach with Watershed Basin Boundaries The East Duvernay Shale Basin (EDSB) has the potential to be a world-class resource play and has untapped opportunity for frac water management companies. From a water [Read more]
You’re Invited to GPS Engage
You're Invited to GPS Engage GPS is proud to launch the first of a new series: GPS Engage. Join us in a discussion around Canada's energy leadership as we showcase ideas related to novel technologies, complex strategies, exciting partnerships, and more. We recognize this is a great opportunity to connect with your audience, so we are pleased to offer you an exclusive discount, only for BOE Report readers, of 25% off tickets to this event. Please use the code "BOE5OFF" upon [Read more]
MEG Energy announces 2020 capital investment plan of $250 million, remains focused on ongoing debt reduction strategy
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY - MEG Energy Corp. (TSX:MEG) announced today its 2020 capital investment plan and operational guidance. Highlights include: A capital budget of $250 million, to be fully funded with a portion of expected 2020 adjusted funds flow; 2020 production guidance of 94,000 to 97,000 bpd, which takes into account a planned major turnaround with an [Read more]
Shippers shift to trucks as strike at Canada’s biggest railroad enters third day
Shippers scrambled to shift freight onto trucks on Thursday as a strike at Canada's biggest railroad, Canadian National Railway Co , entered its third day and left many goods stranded. Some 3,200 unionized employees, including conductors and yard workers, hit picket lines on Tuesday in the biggest such action in a decade. The strike, which is over working conditions, has slowed output at industrial plants making chemicals, canola oil and other products. Some major retailers and pulp and [Read more]
Receivership Sale: Trident Exploration Corp
Sayer Energy Advisors has been engaged to assist PricewaterhouseCoopers Inc. (“PwC”) in its capacity as Court-appointed receiver of Trident Exploration Corp., Trident Exploration (WX) Corp., Trident Exploration (Alberta) Corp., Trident Limited Partnership, Trident Exploration (Aurora) Limited Partnership 1, Trident Exploration (2004) Limited Partnership 1, Trident Exploration (2006) Limited Partnership 1, and Fenergy Corp. (collectively “Trident” or the “Company”) with the sale of all of the [Read more]
Alberta oil curtailments to end no later than this time next year
The premier of Alberta, Canada's top oil-producing province, said Wednesday that the end of a government-imposed curtailment on oil production could come earlier than its December 2020 sunset date. "We hope it will end by this time next year at the latest," Premier Jason Kenney told Reuters during an interview in Houston, where he met with executives from Chevron Corp , Phillips 66 , other oil pipeline and private equity firms. Alberta introduced mandatory oil production curbs on Jan. 1, [Read more]
Column: Alberta government union leadership has lost touch with reality
Leaders at the Alberta Union of Provincial Employees have completely lost touch with reality. A document obtained by the Canadian Taxpayers Federation shows the AUPE leadership started pushing the government for a 7.85 per cent wage increase early this year. The demand is so ridiculous you must see the AUPE’s document just to believe it. Given the current challenges in Alberta, any worker outside of government would likely be laughed out of the room with that kind of demand. But maybe [Read more]