Western Canada’s fleet of drilling rigs decreased to a total of 186 according to data collected by Baker Hughes for the week of December 14th. From last Friday, Alberta rig counts went down 4 to 124. Saskatchewan's rig count decreased from 32 to 29. Oil drilling went from 102 to 95; natural gas rigs decreased from 84 to 79. View a full breakdown of western Canada’s rig activity. [Read more]
Headlines
U.S. oil drillers cut rigs for second week in a row
U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November. Drillers cut 4 oil rigs in the week to Dec. 14, bringing the total count down to 873, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is higher than a year ago when 747 rigs [Read more]
Suncor Energy announces 2019 capital program and production outlook
CALGARY, Alberta, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Suncor released its 2019 corporate guidance today which includes a capital program of between $4.9 and $5.6 billion and average upstream production of 780,000 to 820,000 barrels of oil equivalent per day (boe/d). The midpoints of these ranges represent a flat capital spend compared to 2018 and a year over year production increase of approximately 10%, including estimated mandatory production curtailments, from approximately 730,000 boe/d in [Read more]
PNG Equipment announces launch of new brand ARMOUREE
Earlier this year, Fuelled announced the acquisition of PNG Equipment, a leading energy equipment inventory management and peer to peer sales platform. Fuelled is now pleased to announce the completion of the rebrand and relaunch of this platform. PNG will now be known as ARMOUREE. Among the other changes will be its logo, trade name and domain name (www.armouree.com) PNG Equipment was known to be a robust, yet simple to use inventory management system as well as an effective peer-to-peer [Read more]
Western oil price rally unlikely to last after curtailments begin: expert panel
CALGARY - It's unlikely a dramatic improvement in western Canadian oil prices since Alberta announced forced production curtailments two weeks ago will continue after the cuts begin on Jan. 1, a panel of experts agreed Thursday. The difference between Western Canadian Select bitumen-blend heavy oil and New York-traded West Texas Intermediate oil prices had widened to as much as US$52 a barrel in October before recovering to about US$25.50 on Dec. 3, the day after the announcement by Alberta [Read more]
Birchcliff Energy Ltd. Announces Board Changes
CALGARY, Alberta, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce that Ms. Stacey McDonald has been appointed as a director of Birchcliff effective December 14, 2018. Ms. McDonald brings over 13 years of experience in the energy and financial sectors to Birchcliff, including extensive knowledge of capital markets and financial analysis. She was most recently a Managing Director of Institutional Energy Research at GMP [Read more]
Alberta premier says oil cut plan working, takes yuletide jab at prime minister
SLAVE LAKE, Alta. - Alberta Premier Rachel Notley says the decision to cut oil production seems to be working, but says it's not a long-term solution. Notley has ordered companies to cut production by almost nine per cent starting in the new year to close the price gap between Alberta oil and the North American benchmark. That price gap was growing so wide that vast reserves of oil were building up in Alberta and the price was falling through the floor, leading to fears of massive job cuts and [Read more]
Pieridae Energy Limited: Proposed Private Placement
CALGARY, Alberta, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Pieridae Energy Limited (“Pieridae”) (PEA - TSXV) announces that, subject to the approval of the TSX Venture Exchange (the “TSXV”), it intends to complete a non-brokered private placement offering to raise $8.0 million (the “Private Placement”) the terms of which are detailed below. Pieridae is progressing with its closing of the Arrangement Agreement with Ikkuma Resources Corp. (“Ikkuma”). To that end Pieridae intends to use the proceeds of [Read more]
Altagas announces its 2019 balanced funding plan, including financial outlook and capital plan
Incoming President and CEO outlines near-term priorities to drive performance, fund growth and de-lever company CALGARY, Dec. 13, 2018 /CNW/ - AltaGas Ltd. (AltaGas) (TSX: ALA) today announced the details of its balanced funding plan and outlook for 2019. The plan outlines measures to regain financial strength and flexibility to fund future growth opportunities aligned with the Company's focus on Midstream and U.S. Utilities. The Company's balanced funding plan has been designed to optimize [Read more]
IEA sees global oil supply tightening more quickly in 2019
The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday.The Paris-based IEA kept its 2019 forecast for global oil demand growth at 1.4 million barrels per day, unchanged from its projection last month, and said it expected growth of 1.3 million bpd this year.Uncertainty over the global economy stemming from U.S.-China trade tensions could [Read more]