Oil prices fell on Friday as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world and the United States faced the prospect of becoming the next global epicenter of the pandemic. U.S. crude was down $1.48, or 6.5%, at $21.66. Brent crude was down $2.16, or 8%, at $24.75 a barrel. Both contracts were on track for a fifth consecutive weekly drop. They are down nearly two thirds this year and the coronavirus-related slump in economic [Read more]
Headlines
Russia calls for new enlarged OPEC deal to tackle oil demand collapse
A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia's sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other producers, including Russia (known as OPEC+), to curb oil production to support prices fell apart earlier this month, sending global oil prices into a tailspin. "Joint [Read more]
Delphi Energy Corp. Provides an Operations Update
CALGARY, Alberta - Delphi Energy Corp. (TSX: DEE) (“Delphi” or the “Company”) is pleased to provide an operations update on its first three wells of the 2020 capital program. Completion operations on the Company’s first three Montney wells (3.0 net) in the 2020 drilling program have concluded, with all of the wells expected to be placed on production by months end. These 3 wells are drilled in liquid-rich West Bigstone, in close proximity to existing pipelines, minimizing the tie-in costs. The [Read more]
Prairie Provident Resources Announces Fourth Quarter and Year-End 2019 Financial and Operating Results
CALGARY, Alberta - Prairie Provident Resources Inc. ("Prairie Provident", "PPR" or the "Company") is pleased to announce our operating and financial results for the three months and year ended December 31, 2019. PPR’s audited consolidated financial statements and related Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2019 and annual information form dated March 26, 2020 (“AIF”) are available on our website at www.ppr.ca and filed on [Read more]
Alberta Energy Regulator names senior Saskatchewan government official as CEO
EDMONTON - Alberta's energy regulator has named a new president and CEO. Laurie Pushor, Saskatchewan's deputy minister of energy and resources, is to take over the agency's top job April 15. The energy regulator is tasked with overseeing the development of the province's oil, gas and coal resources in an environmentally responsible way. Pushor takes over an agency in transition and an industry that is being crushed economically by the novel coronavirus and an oil price war between Saudi [Read more]
In oil markets, it’s back to 1998 crisis pricing
Brent oil futures may be trading at $27 per barrel but oil producers are selling their crude in the physical market at lower prices not seen since the aftermath of the Asian financial crisis of the late 1990s. Most are offloading their oil for below $20 a barrel as the coronavirus pandemic savages demand and global supply rises amid a battle between Saudi Arabia and Russia for market share, according to traders, state oil firms, major refiners and prices quoted in physical markets. While [Read more]
U.S. Department of Energy ditches plans to buy oil for strategic reserve
The U.S. Department of Energy said on Thursday it has ditched plans to purchase crude for the nation's emergency reserve due to a lack of funding from Congress, dealing a blow to President Donald Trump's plan to give relief to energy companies amid the global oil market collapse. Energy Secretary Dan Brouillette had asked lawmakers for $3 billion to purchase up to 77 million barrels to fill the reserve, but the stimulus package passed by the Senate on Wednesday did not include the funding. [Read more]
Oil prices fall as demand shrinks but limited by stimulus
Oil prices fell on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity. West Texas Intermediate (WTI) crude futures fell $1.39, or 5.75%, to $22.85 a barrel. Brent crude futures fell $1.01, or 3.67%, to $26.52 a barrel. Both contracts are down about 60% this year. "Oil markets received a lift from the U.S. stimulus chatter, [Read more]
Hemisphere Energy Grows PDP Reserve Value by 69% to $116 Million (Discounted at 10%), and Increases 2P Reserve Value by 18% to $235 Million (Discounted at 10%)
Vancouver, British Columbia - Hemisphere Energy Corporation (TSXV: HME) ("Hemisphere" or the "Company") is pleased to announce highlights from its independent reserves evaluation effective as at December 31, 2019 prepared by McDaniel & Associates Consultants Ltd. ("McDaniel"). Following the discussion on reserves, Hemisphere has included an update to its corporate outlook and 2020 capital plans. During 2019 Hemisphere incurred capital expenditures of approximately $11 million, which [Read more]
Column: A farmer’s guide to wrestling COVID-19
Since we’re stuck working from home and/or trying not to watch the death counts, or heaven forbid are unemployed and wish we were working from home, here’s a little diversion, and nothing makes for a quality diversion like a bunch of old farming stories. And while tales of chickens and dirt and combines are inherently rewarding in and of themselves, they also bring a pertinent lesson about today’s dire situation. There is a fascinating aspect to rural life; it is oppressively quiet and [Read more]