PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) is pleased to announce its third quarter ("Q3 2019") operating and financial results for the period ended September 30, 2019. PRESIDENT’S MESSAGE Third Quarter 2019 Highlights: Funds from Operations totaled $48.8 million ($0.21 per common share basic and diluted). Revenues totaled $58.8 million, comprised of royalty production revenues of $51.9 million and other revenues of $6.9 million for the third quarter. [Read more]
Headlines
Oil holds steady as Russia reaffirms commitment to output cuts
Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices. West Texas Intermediate (WTI) crude futures were up 6 cents at $56.68 a barrel, having risen more than 5% last week, also the biggest weekly increase since Sept. 20. Brent crude was up 22 cents at $62.18 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since [Read more]
Light Oil – Peejay, BC
To attain a royalty-only business model, 1445640 Alberta Ltd. is seeking to divest of its remaining working interest property, located in an extension of the large Peejay Halfway pool in NE B.C. The company holds a 23.834% non-operated working interest in a Halfway oil producer located at c-100-H/94-A-15, with bottom hole located at 02/d-91-G/94-A-15/00. Operated by Canadian Natural Resources, this producing well is located near the northwestern edge of the Halfway oil pool. The extension to [Read more]
Comment period opens for $20.6-billion Frontier oilsands mine project in Alberta
The Impact Assessment Agency of Canada is inviting public comment on the proposed Frontier oilsands mine project in northern Alberta. The agency, which was until recently called the Canadian Environmental Assessment Agency, says the public and Indigenous groups can comment on potential environmental assessment conditions for the project until Nov. 24. The $20.6-billion mine proposed by Vancouver-based Teck Resources Ltd. for a site 110 kilometres north of Fort McMurray would be built in [Read more]
Canada weekly rig count grows 4 to 147
Canada’s fleet of active drilling rigs increased from 143 to 147 since last week according to data from Baker Hughes. Total drilling count was 147 at October 25. 102 rigs were drilling for oil; 45 for natural gas. The drilling activity in both Alberta and Saskatchewan increased, growing from 95 to 97 in Alberta, and 32 to 35 in Saskatchewan. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers cut oil rigs for record 11th month
U.S. energy companies reduced the number of oil rigs operating this week, leading to a record 11-month decline as producers follow through on plans to cut spending on new drilling. Drillers cut 17 oil rigs in the week to Oct. 25, bringing the total count down to 696, the lowest since April 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That was the biggest weekly decline since April. For the month, drillers cut 17 oil rigs, [Read more]
Oilsands part of second U.S. fraud lawsuit against Exxon over carbon pricing
Alberta's oilsands are at the centre of a second major fraud lawsuit filed in the United States against ExxonMobil. The lawsuit, filed on Thursday by the state of Massachusetts, accuses the oil multinational of misleading investors about what climate change measures could cost its operations — especially those in the oilsands. It says Exxon told investors it evaluated its projects with a high and increasing price on carbon when in fact it used a much lower figure that remained [Read more]
Alberta forecasts increased 2019-20 budget deficit
Alberta, Canada's main oil-producing province, said on Thursday its budget deficit would increase in the 2019-20 fiscal year because of a provision made for potential losses on crude-by-rail contracts that were signed by the previous government. Alberta's deficit is expected to reach C$8.7 billion ($6.7 billion) in the fiscal year ending March 31, up from C$6.7 billion in 2018-19. The government said it would return to a surplus by 2023. Alberta's real GDP is forecast to grow 0.6% in 2019, [Read more]
B.C. backs proposal for liquefied natural gas ship refuelling facility
A proposal to build the first ship-to-ship liquefied natural gas marine refuelling service along the west coast of North America is getting support from the British Columbia government. A statement from the premier's office says replacing diesel fuel with LNG has the potential to reduce greenhouse gas emissions from marine shipping by at least 20 per cent. The province is contributing $25,000 to a study to examine the competitive, environmental and social impact of LNG marine refuelling, [Read more]
Husky Energy Reports Third Quarter 2019 Results
Husky Energy continued to execute its 2019 business plan in the third quarter, with the delivery of all planned milestones in the Integrated Corridor and Offshore businesses. Funds from operations were $1 billion, compared to $1.3 billion in the third quarter of 2018. Net earnings were $273 million. Cash flow from operating activities, including changes in non-cash working capital, was $800 million, compared to $1.3 billion in the third quarter of 2018. The reductions in funds from operations [Read more]