Western Canada’s fleet of drilling rigs decreased by 2 rigs to a total of 66 according to data collected by Baker Hughes for the week of April 12th. From last Friday, Alberta rig counts went from 52 to 48. Saskatchewan's rig count remained at 1 Oil drilling went from 22 to 18; natural gas rigs went from 46 to 48. View a full breakdown of western Canada’s rig activity. [Read more]
Headlines
Cardinal Energy Ltd. Announces Budget Update and Increase to Monthly Dividend
CALGARY, Alberta, April 12, 2019 (GLOBE NEWSWIRE) -- Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX: CJ) is pleased to announce that with improved commodity pricing and the security of its oil hedging position that it is increasing its 2019 budget guidance and dividend rate. Budget Update: Using an average oil price of $57.50 WTI and a WCS differential of US $15.50 for the balance of 2019 we are now forecasting an increase of approximately 20% in adjusted funds flow to $110 to [Read more]
Chevron Announces Agreement to Acquire Anadarko
Strategic fit that enhances Chevron’s advantaged portfolio Delivers $2 billion in anticipated annual operating cost and capital synergies Accretive to free cash flow and earnings one year after close Share repurchase annual target increases by 25 percent to $5 billion SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced today that it has entered into a definitive agreement with Anadarko Petroleum Corporation (NYSE: APC) to acquire all of the outstanding [Read more]
U.S. super-light oil output rise roils Texas, Oklahoma markets
Growing production of Texas super-light oil - and worries about its quality compared with other types of crude - is slowing down deliveries into the main U.S. storage hub in Oklahoma, draining supply there and adding to a glut in Texas.In the last several months, drillers are producing more oil known as West Texas Light (WTL), a type of crude that differs from what is blended at the Cushing, Oklahoma hub to produce the benchmark U.S. oil grade.Cushing, which currently has 46 million barrels in [Read more]
Connacher Announces Appointment of Chief Operating Officer
CALGARY, April 11, 2019 /CNW/ - Connacher Oil and Gas Limited ("Connacher" or the "Company") today announced that Gordon Trainor has been appointed Chief Operating Officer of Connacher. Mr. Trainor is a geologist with over 22 years of experience. Mr. Trainor has been Director, Engineering and Geosciences since December 2015 and prior to that was Connacher's Chief Geologist from 2012 to 2015. He has been responsible for all aspects of the Company's reserves, production, regulatory, land, [Read more]
Pipeline delays add appeal to creative options for oil transport, transformation
CALGARY - News that permitting issues in the U.S. would delay Enbridge Inc.'s Line 3 replacement pipeline project until the middle of 2020 instead of late this year means that yet another boost in oil export capacity has been kicked down the road. With both the Trans Mountain expansion and Keystone XL pipeline projects in court limbo, attention is turning to alternative ideas to expand Canada's ability to continue to get its oil to market. In a report to Natural Resources Minister Amarjeet [Read more]
Crescent Point Nominates New Directors for Board Election
CALGARY, April 11, 2019 /PRNewswire/ - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX and NYSE: CPG) is pleased to announce that James E. ("Jim") Craddock and Jennifer F. Koury will stand for election to its Board of Directors (the "Board") at the Company's upcoming Annual General Meeting ("AGM"). "We're excited about having both Jim and Jennifer stand as new independent nominees," said Bob Heinemann, Chairman of the Board. "Through our search process, it was evident [Read more]
Last day to request your invitation to “Doing business after Redwater: A senior leaders’ roundtable on ARO”
XI Technologies Inc., a leader in data-driven oil and gas business solutions, will host an executive roundtable on April 18, 2019, at Calgary Petroleum Club. An expert panel will discuss the issues and business implications of the Supreme Court’s Redwater ruling, and what we can expect in the future. Panelists will include representatives from the areas of banking, legal, receivership, and accounting. This is an invitation-only event for senior leaders of oil and gas producers and trusts, [Read more]
Trump signs orders making it harder to block pipelines
CROSBY, Texas - President Donald Trump's support for shifting more power to states took a back seat Wednesday to his affinity for oil and gas production as he aimed to make it harder for states to block pipelines and other energy projects due to environmental concerns. At the urging of business groups, Trump signed two executive orders designed to speed up oil and gas pipeline projects. The action came after officials in Washington state and New York used the permitting process to stop new [Read more]
UCP’s Kenney takes pro-pipeline message to Fort McMurray, accuses NDP of selling out
FORT MCMURRAY, Alta. - United Conservative Leader Jason Kenney took his pro-pipeline message to the heart of Alberta's oilpatch Wednesday and promised to push back on policies he said are hollowing out Canada's core industry. Kenney told supporters at a rally in Fort McMurray that a UCP government would fight B.C. and Prime Minister Justin Trudeau's government if they continued to impede the oil sector. Kenney has promised he would go to court to fight proposed federal legislation on how [Read more]