CALGARY - Crescent Point Energy Corp. reported a $2.32-billion first-quarter loss as it took a non-cash charge of $3.56 billion due to the plunge in oil prices. The company says the loss amounted to $4.40 per diluted share for the quarter ended March 31 compared with a profit of $1.9 million or less than a penny per diluted share a year ago. Crescent Point says its adjusted net earnings from operations totalled $48.7 million or nine cents per share for the quarter ended March 31 compared [Read more]
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Column: Oil market mayhem hard to analyze, even without Russia/Saudi antics
“I’m not a pessimist, I’m an optometrist.” Ricky, lovable imbecile and small-time felon from "Trailer Park Boys" (bless you Netflix) If there is anything funny at all about the COVID-19 experience, other than some very clever memes making the rounds, it’s the way that market commentators, the ones that “give meaning” to the day’s market activity, have been reduced to puddles of gibberish in trying to explain what’s going on. They try hard, oh lord they do try, but the standard reference [Read more]
Quickly get to the front of the line for the alberta site rehabilitation incentive program
On April 24th, Alberta’s provincial government announced the implementation of the Alberta Site Rehabilitation Incentive Program, funded as part of the federal government’s COVID-19 Economic Response Plan, which will allow industry to access up to $1 billion to perform site closure work. The program launched on May 1 and provides grants directly to service companies as a method to get Alberta’s service industry working again. Oil field services contractors are eligible to apply for grants [Read more]
XI Technologies: Open Asset Evaluation for May 2020
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. Succeeding in oil and gas M&A comes down to how well and how quickly you can analyze potential opportunities. Once a month, XI Technologies will apply its evaluation tools to a currently available asset to give readers a sense of [Read more]
Crescent Point announces Q1 2020 results
CALGARY - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce its operating and financial results for the quarter ended March 31, 2020. KEY HIGHLIGHTS Successfully closed the sale of certain gas infrastructure assets for $500 million. Delivered $50 million of permanent operating expense savings, as previously announced. Recently announced $75 million reduction to capital budget with no associated impact to production. Took [Read more]
International Petroleum Corporation first quarter 2020 financial results and corporate update
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis for the three months ended March 31, 2020. Corporate Update In the April 2, 2020 press release, IPC revised its forecast 2020 net average production to be in the range of 30,000 to 45,000 barrels of oil equivalent (boe) per day (boepd), estimated operating costs for 2020 to be in the range of USD 12 [Read more]
Surge Energy Inc. announces first quarter 2020 results
CALGARY - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter ending March 31st, 2020. Q1/2020 CORPORATE UPDATE – NAVIGATING THE PANDEMIC Massive crude oil demand destruction from the COVID-19 pandemic, together with increased oil production from OPEC and Russia, contributed to a dramatic decrease in the price of oil in 1H/20. Consequently, Surge's management and Board acted decisively to protect the Company's [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 30 Senior Regulatory Analyst TC Energy Calgary Apr. 30 Business Continuity Specialist TC Energy Calgary Apr. 29 Keystone KXL Senior Environment Advisor TC [Read more]
Suncor Energy reports first quarter 2020 results
Unless otherwise noted, all financial figures are unaudited, presented in Canadian dollars (Cdn$), and have been prepared in accordance with International Financial Reporting Standards, specifically International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. Production volumes are presented on a working interest basis, before royalties, except for Libya, which is on an economic basis. Certain financial measures referred to in this [Read more]
Enbridge converts idled Mainline export system pipeline for crude storage
CALGARY - Analysts say an Enbridge Inc. plan to use an idled leg of its Mainline pipeline system to store surplus Western Canadian oil will help offset lower volumes on the system as U.S. refineries buy less oil to match lower demand. Enbridge has applied to the Canada Energy Regulator for permission to use a portion of its Line 3 pipeline in Saskatchewan and Manitoba to store about 900,000 barrels of oil starting June 1. The pipeline is scheduled to be decommissioned next year after it [Read more]