U.S. Gulf Coast crude prices climbed sharply this week after fog-related port closures slowed the nation's crude imports and as supplies rose at the U.S. storage hub in Cushing, Oklahoma, traders and analysts said on Wednesday. Buyers bid up U.S. coastal grades like Light Louisiana Sweet and Mars Sour after imports fell to the lowest in more than two decades last week, the result of several days-long Gulf Coast port closures, refinery maintenance and slumping Canadian crude-by-rail shipments, [Read more]
Headlines
Western Energy sends drilling rig to southern U.S. as Canadian activity dries up
CALGARY - Drilling companies continue to move rigs from Western Canada to the more active oilfields of the southern United States. Calgary-based Western Energy Services Corp. says it moved a drilling rig from Canada to the U.S. Permian Basin oil play in western Texas and southeastern New Mexico early this year and will likely move more rigs in the near future. It says the addition took its U.S. drilling fleet to eight rigs, including a drilling rig purchased and upgraded in the [Read more]
Encana completes acquisition of Newfield Exploration to create North America’s premier resource company
CALGARY, Alberta, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Encana Corporation (Encana) (TSX, NYSE: ECA) announced today that it has completed its acquisition of Newfield Exploration Company (Newfield) (NYSE: NFX) in an all-stock transaction. “This acquisition creates North America’s premier resource company with large-scale positions in the core of the Permian, Anadarko and Montney,” said Doug Suttles, Encana President & CEO. “Our multi-basin portfolio provides tremendous investment optionality to [Read more]
Aureus Energy Services Inc. Completes Strategic Acquisition of Amperage Energy Inc.
CALGARY, Feb. 13, 2019 /CNW/ - Aureus Energy Services Inc. ("Aureus") is pleased to announce it has acquired all of the outstanding shares of Amperage Energy Inc. ("Amperage"). This strategic acquisition will allow Aureus to extend its service offerings from upstream water sourcing, water transfer, heating and hot oil services to the proven and cost-effective treatment of produced, H2S and flowback water. This acquisition cements Aureus as an industry leader in the fluid management business, [Read more]
Birchcliff Energy Ltd. Announces Unaudited 2018 Year-End and Fourth Quarter Results, 2018 Reserves Highlights, 2019 Capital Program and Increased Common Share Dividend
CALGARY, Alberta, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its unaudited 2018 year-end and fourth quarter financial and operational results, highlights from its independent reserves evaluations effective December 31, 2018, its 2019 capital program and a 5% increase to its quarterly common share dividend. Jeff Tonken, President and Chief Executive Officer of Birchcliff commented: “We executed on our business [Read more]
Lawyers to argue merits of carbon tax as Saskatchewan challenge heads to court
Lawyers packed a Regina courtroom today to argue the constitutionality of a federally imposed carbon tax. A panel of five judges is to listen to arguments from both the Saskatchewan and federal governments as well as from 16 interveners on both sides of the dispute. Saskatchewan opposes the federal government’s plan to force a carbon tax on the province and plans to argue it is unconstitutional because it’s not applied evenly in all jurisdictions. Ottawa says the constitution gives it [Read more]
Partial shutdown of Keystone oil pipeline to last ‘days not weeks’ -Cenovus
A shutdown of a portion of TransCanada Corp's Keystone oil pipeline will last a further "days not weeks," following a leak in Missouri last week, crude producer Cenovus Energy said on Wednesday.Citing a conversation with TransCanada, Cenovus executive vice-president of downstream, Keith Chiasson, said the pipeline company has identified the location of the leak and is working on a repair plan. The 43-barrel leak caused TransCanada to shut an arm of Keystone from Steele City, [Read more]
Strategic Alternatives Process: Petrocapita Income Trust
Sayer Energy Advisors (“Sayer”) has been engaged to assist Petrocapita Income Trust and its wholly owned subsidiaries, Petrocapita GP 1, Petrocapita GP 2, Petrocapita Oil & Gas L.P. and Petrocapita Processing L.P. (“Petrocapita” or the “Company”) with a strategic alternatives process. The Company is open to reviewing all alternatives which include, but are not limited to, a sale of the Company for cash, a merger of the Company with another oil and natural gas entity, or a sale of some or [Read more]
Global oil supply to swamp demand in 2019 despite output cuts – IEA
The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday. The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day. "It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, [Read more]
Equinor VP of Business Efficiency shares his insight on how the energy giant is leveraging big data, predictive analytics and machine-learning at the 2019 OpEx Calgary Summit
Drawing on his thirty-year career in the oil and gas industry, Jim Claunch – Vice President of Business Efficiency at Equinor – shares his insights on how digital transformation is impacting the oil and gas industry and how Equinor is responding. Download the full interview to read: What a transformed oil and gas company looks like – and why it matters How Equinor is leveraging big data, predictive analytics and machine-learning The barriers slowing down the industry's digital [Read more]