Canadian heavy crude's discount widened versus U.S. benchmark West Texas Intermediate (WTI) oil on Monday, the last day of the monthly trading cycle. Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, traded at $13.60 per barrel below WTI, according to NE2 Canada Inc, wider than Friday's settle of $12 under. The cycle ends the day before Enbridge Inc's due date for notices of shipments on its Mainline system. Apportionment may be reduced this month with [Read more]
Headlines
Prairiesky adjusts free cash flow allocation and moves to a quarterly dividend effective Q2 2020; declares march dividend
CALGARY, Alberta - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX: PSK) announced today that its Board of Directors has adjusted the Company’s allocation of free cash flow for the balance of the year. Over the past week global commodity markets have seen unprecedented volatility resulting from crude oil production and pricing policies implemented by global participants, as well as market reactions to the spread of COVID-19. PrairieSky’s Board of Directors has taken decisive action [Read more]
Spring breakup slowdown offers needed pause for hard-hit drilling industry
CALGARY - It's a "glass half-full" way of looking at a crisis but as plunging oil prices cast a shadow over oil and gas companies in Western Canada, the drilling industry is already slowing down because of the weather. Each year in mid-March, melting snow and ice prompt local authorities to impose weight limits on roads to prevent damage caused by the movement of heavy equipment, such as drilling rigs, a season known as spring breakup. Rig owners lay off operating staff and use the break, [Read more]
U.S. could start buying crude for Strategic Petroleum Reserve in 2 weeks
The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve as soon as two weeks from now, and fill it in several months, an Energy Department source said on Monday. President Donald Trump said late on Friday that he has ordered the Energy Department to fill the reserve "to the top." The move was aimed at helping domestic energy producers suffering from the plunge in oil prices brought about by the spread of coronavirus and a price war between Saudi [Read more]
Oil slides again, squeezed between coronavirus demand hit and price war bite
Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers. U.S. crude was at $28.97, down $4.28 despite U.S. President Donald Trump's pledge to fill strategic oil reserves in the world's largest oil consumer "to the top". Brent crude fell $4.61 to $30.18 a barrel, tumbling after last week's plunge of 25%, the largest weekly [Read more]
Saudi flood of crude about to crash into demand destroyed by coronavirus
Saudi Arabia's move to flood the crude oil market is on a collision course with global demand that is about to be pummelled by the coronavirus pandemic, especially in North America and Europe. As the outbreak intensifies and spreads across Europe and the United States, governments are trying to contain it by effectively shutting down many transport links and encouraging social distancing. While it's still too early to come up with a definitive number for how much global oil demand will be [Read more]
Crescent Point Revises 2020 Capital Spending and Dividend
CALGARY - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is revising its 2020 capital spending by approximately 35 percent in response to the recent decline in commodity prices. This conservative and disciplined approach demonstrates the Company's flexibility, focus on returns and prudent risk management to protect its balance sheet. "Our original plans for 2020 centered on returns, capital discipline, cost savings initiatives and balance sheet [Read more]
Vermilion Energy Inc. Announces Reductions to Capital Program and Monthly Dividend
CALGARY - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) announces that its Board of Directors has approved a reduction to our 2020 capital budget of $80 to $100 million and a reduction in our monthly dividend from $0.115 CDN per share to $0.02 CDN per share in response to the pronounced decline in global commodity prices. The new dividend amount will be implemented in the April dividend payable in May 2020. Following the release of our Q4 2019 [Read more]
Enerplus Announces Reduced 2020 Capital Budget, Prioritizing Balance Sheet Strength and Free Cash Flow
All financial information contained within this news release has been prepared in accordance with U.S. GAAP. This news release includes forward-looking statements and information within the meaning of applicable securities laws. Readers are advised to review the "Forward-Looking Information and Statements" and "Non-GAAP Measures" at the end of this news release for information regarding the presentation of the financial and operational information in this news release as well as the use of [Read more]
Questerre reports year-end reserves and resources
THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS CALGARY - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on the results of its December 31, 2019 Reserves Assessment and Evaluation of its oil and natural gas properties (the “Report”), as evaluated by McDaniel & Associates Consultants Ltd.(“McDaniel”) with an effective date of December 31, 2019, [Read more]