CALGARY - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX:POU) announces that, in response to the recent significant decline in global energy prices, it has revised its 2020 capital guidance to a range of $185 million to $250 million, a reduction of approximately 46% at mid-point from the originally planned range of $350 million to $450 million. Forecast average sales volumes for 2020 under the revised capital guidance are expected to range between 70,000 Boe/d to 75,000 Boe/d [Read more]
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Perpetual Energy Inc. Reports Fourth Quarter and Year-End 2019 Financial and Operating Results and Reserves
CALGARY - (TSX:PMT) - Perpetual Energy Inc. ("Perpetual", or the "Company") is pleased to release its fourth quarter and year-end 2019 financial and operating results and a summary of the Company's year-end 2019 reserves as reported by the independent engineering firm McDaniel and Associates Consultants Ltd. ("McDaniel"). A complete copy of Perpetual's audited consolidated financial statements, Management's Discussion and Analysis ("MD&A") and Annual Information Form for the year ended [Read more]
Tamarack Valley Energy Ltd. Announces Revised 2020 Capital Program
Calgary, Alberta - Tamarack Valley Energy Ltd. (TSX: TVE) ("Tamarack" or the "Company") today announces proactive revisions to its 2020 capital budget and associated guidance in response to events impacting the global oil and gas industry. Tamarack remains committed to enhancing its long-term sustainability and to executing a measured capital program that is fully funded with internally generated adjusted funds flow (see "Non-IFRS Measures"), while ensuring that the Company is well positioned [Read more]
Canadian Natural Resources Limited Provides a Corporate Update
CALGARY, Alberta - Canadian Natural Resources Limited (“Canadian Natural” or the “Company”) is providing a corporate update on its capital flexibility and its continued focus on effective and efficient operations. Canadian Natural is well positioned through the current global COVID-19 challenges, due to our significant long life low decline asset base that has 27.8 years of reserve life based on proved reserves and 36.0 years of reserve life based on proved plus probable reserves. Of the proved [Read more]
BOE Report Podcast Episode 13: Oversupplied oil market and COVID-19 cause mayhem
On this episode of the BOE Report podcast, the team discuss the dreadful international situation surrounding the coronavirus and concurrent oil price war. Get episode on Google Play | iTunes | RSS On the Show Terry Etam Josh Groberman Michael Hibbs Topics Why the Remedy May Be Worse Than the Disease Canada Oil and Gas Markets Goldman Sachs Says Oil Has a Lot More Downside Risk [Read more]
Baytex Announces Revised 2020 Capital Program
CALGARY, Alberta - Baytex Energy Corp. ("Baytex")(TSX, NYSE: BTE) announces a 50% reduction to its 2020 capital budget to $260 to $290 million, from the original $500 to $575 million announced on December 4, 2019. “As an industry, we are facing an unprecedented challenge due to the significant degradation and volatility in global crude oil prices. During this time, our priority is to preserve financial liquidity. As a result, we are immediately suspending drilling operations in Canada and [Read more]
Bonavista Energy Corporation Provides Financial and Capital Budget Update
Calgary, Alberta - Bonavista Energy Corporation (TSX: BNP) ("Bonavista" or the "Company") has worked extensively over the past twelve months in an effort to realign its near term debt maturities and maintain adequate liquidity to continue ordinary course operations in extraordinary market conditions. As part of these efforts, Bonavista issued a draw request for $175 million available under its existing $500 million bank credit facility (the "Facility") with a syndicate of eight Canadian banks [Read more]
Canada unveils major aid package to battle coronavirus outbreak, ready to do more
Canadian Prime Minister Justin Trudeau said on Wednesday his government would provide C$27 billion ($18.6 billion) in direct support to families and businesses struggling because of the coronavirus outbreak, and stood ready to do more. It was his biggest move yet to combat the economic impact of the fast-spreading virus, which has infected some 700 Canadians in all 10 provinces, killing nine. In an unprecedented move, Canada and the United States shut their vast common border on Wednesday to [Read more]
U.S. crude hits 18-year low as lockdowns, restrictions spread
Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to an 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand. U.S. crude was down $5.30 , or over 19%, at $21.50 per barrel. The last time oil was trading that low, China had only begun its rise as a major global economic power that propelled the world’s oil consumption to record highs in subsequent years. Brent crude was trading down $3.50, or over [Read more]
Pembina Pipeline Takes Action to Protect Stakeholders and Significantly Reduces 2020 Capital Spending in Response to the Recent Decline in Global Energy Prices
All financial figures are approximate and in Canadian dollars unless otherwise noted. This news release refers to adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), the ratio of adjusted funds from operations to adjusted debt, and fee-based distributable cash flow, which are financial measures that are not defined by Generally Accepted Accounting Principles ("GAAP"). For more information see "Non-GAAP Measures" herein. CALGARY - In response to the [Read more]