CALGARY, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) provided an update on activities during the COVID-19 crisis. Michael Binnion, President and Chief Executive Officer, commented, “As noted in our annual report, we are focused on preserving liquidity. We entered this year with relatively low debt levels and have a lot of discretion on our capital spending. We deferred all non-essential investment, cutting our budget by over 80% or $15 million. We spent [Read more]
Headlines
Canada weekly rig count up 1 to 27
Canada’s fleet of active drilling rigs grew from 26 to 27 since last week according to data from Baker Hughes. Total drilling count was 27 at May 1st. 7 rigs were drilling for oil; 20 for natural gas. The drilling activity in Alberta remained at 16. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Highwood Oil Company Ltd. Provides Update on the Red Earth Divestiture
CALGARY, May 1, 2020 /CNW/ - Highwood Oil Company Ltd. (TSXV: HOCL) ("Highwood" or the "Corporation") received notice today from the Alberta Energy Regulator ("AER") that the Red Earth license transfer application has been rejected. The AER had provided their conditional approval of the license transfers on April 24, 2020. The Company is working through the impact of this decision by the AER on the Red Earth Sale Agreement and will provide an update when one is available. [Read more]
AltaGas Ltd. announces election of directors
CALGARY - AltaGas Ltd. ("AltaGas") (TSX: ALA) is pleased to announce the final director election results from its 2020 Annual Meeting of Shareholders held on May 1, 2020 (the "Meeting"). All nominees recommended by management for election were elected for a term ending at the next annual meeting. The detailed results of the vote are set out below: Nominee Votes For % For Votes Withheld % Withheld Victoria A. [Read more]
Canada Energy Regulator responds to incident at Enbridge Line 3 pump station
CALGARY, May 1, 2020 /CNW/ - The Canada Energy Regulator (CER) has been notified by Enbridge of an above ground release of approximately 150 cubic metres of sweet crude oil. The incident occurred at the company's Herschel pump station in Saskatchewan. There is no risk to public safety. Enbridge reported that the majority of the spill was contained to company property with limited oil migrating to adjacent municipal land. No watercourses have been affected and precautionary wildlife [Read more]
TC Energy announces 2020 annual meeting Board of Directors election results
CALGARY, Alberta - News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that at its 2020 annual meeting of shareholders held earlier today, each of the following 14 nominees were elected as directors of TC Energy on a vote by ballot to serve until the next annual meeting of shareholders of TC Energy, or until their successors are elected or earlier appointed: Nominee # Votes For % Votes For # Votes Withheld % [Read more]
North American oil producers slash spending by about 34% amid crude price rout
North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, data compiled by Reuters showed, following a slump in crude prices. Since Saudi Arabia and Russia launched an oil price war on March 9, U.S. crude has more than halved to under $20 per barrel. Last month, it crashed into unprecedented negative territory. The world is also witnessing one of its biggest demand shocks, as global travel curbs to prevent the spread of coronavirus have [Read more]
U.S. drillers cut oil rigs for seventh week in a row
U.S. energy firms cut oil rigs for a seventh week in a row as major producers slam the brakes on shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic. Drillers cut 53 oil rigs in the week to May 1, bringing the total count down to 325, the lowest since June 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil rig count, an early indicator of future output, is down [Read more]
Heavy discount narrows to at least 11-year low on oil curtailments
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Friday to the smallest level in 11 years of records. With hundreds of thousands of Western Canadian barrels shut in due to low oil prices, some refineries are running short of heavy oil, a Calgary-based trader said. Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's [Read more]
Oil rises again as output cuts kick in, inventories grow less than expected
Oil prices rose on Friday, extending the previous session's gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Still, prices gave up some of their earlier gains as the month of May began with more of the volatility that made last month one of the most turbulent in the history of oil trading, when U.S. futures briefly crashed into negative territory. U.S. crude [Read more]