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Today, the Petroleum Services Association of Canada (PSAC), in its third update to its 2019 Canadian Drilling Activity Forecast, announced that it is decreasing its forecasted number of wells to be drilled (rig released) across Canada for 2019 from 5,300 (May 2019 revision) to 5,100 wells drilled. PSAC based its updated 2019 Forecast on average natural gas prices of $1.60 CDN/Mcf (AECO), crude oil prices of US$57.00/barrel (WTI) and the Canada-US exchange rate averaging $0.76. On a provincial [Read more]

Oil prices rose for a fifth day on Wednesday, supported by a drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time since the financial crisis more than a decade ago. Brent crude futures, the international benchmark for oil prices, were up 42 cents, or 0.6%, at $65.14 a barrel by 1105 GMT. U.S. West Texas Intermediate crude gained 40 cents, or 0.7%, to $58.45 a barrel. For the month, however, both contracts were [Read more]

Today, let’s look at how well reclamation costs are typically the largest discrepancy between deemed liability values and ARO costs. Each week, XI Technologies scans their 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.  As discussed in last week’s post, the AER’s Licensee Liability Rating (LLR) Directive 011 deemed [Read more]

RSM Canada ("RSM"), the leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its second edition of ‘The Real Economy, Canada’ – a quarterly report that provides Canadian businesses with economic analysis and insights into what is driving growth in Canada's middle market. RSM Canada’s second report of the year explores the potential impact that macro-level trends or large-scale projects such as the Trans Mountain Expansion Project, [Read more]