It’s common to hear an opinion on Canadian energy exports phrased something like this: “How can Canada in good conscience develop its natural resources for export when it should be leading the way in reducing emissions and developing renewable energy? Any project that increases Canada’s emissions should be halted!” The counter-argument usually rests on some variant of, “But we need the jobs!” With passions high on both sides, it’s unlikely the two groups will ever agree. Perhaps everyone could [Read more]
Headlines
Canadian Spirit Resources Inc. Announces Year End 2018 Financial Results
CALGARY, Alberta, April 23, 2019 (GLOBE NEWSWIRE) -- Canadian Spirit Resources Inc. (“CSRI” or the “Corporation”) (TSXV:SPI) (OTCBB:CSPUF) announces the release of its financial results for the three and twelve months ended December 31, 2018 including the filing of its 2018 annual audited Financial Statements, Management Discussion and Analysis (“MD&A”), and Forms 51-101F1, F2 and F3. This news release summarizes information contained in the audited Financial Statements and MD&A for the [Read more]
About those “stranded petroleum assets”…a new catch phrase that Canada subscribes to but no one else
I’m sure everyone is aware of the current state of renewable energy, because you’d have to live in the Mariana Trench not to be. The great god Google makes this clear; searching for “wind energy” coughs up 420 million results; “solar energy” finds 620 million references. Poor old “fossil fuels” yields only 88 million, despite being the backbone of the world. While that is a sign of the times, fossil fuels, no matter what one wants to hear, still dominate the global landscape, and attempts to [Read more]
Cenovus says Alberta production curtailments are working, reports Q1 profit
CALGARY - Cenovus Energy Inc. reported a profit of $110 million in its first quarter compared with a loss a year ago as it benefited from improved prices for western Canadian oil. The company says the improvement in prices for western Canadian oil due to the Alberta government's curtailment program more than offset the impact of reduced production and increased operating costs during the first quarter. Cenovus says its profit amounted to nine cents per share for the three months [Read more]
XI Technologies: Roundtable on ARO emphasizes need for standardized approach to liability valuation
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Last Thursday, April 18, XI Technologies had the honour to host more than 150 Canadian oil and gas senior leaders for a roundtable discussion on abandonment and reclamation liabilities. Panelists representing E&P operators, [Read more]
Cenovus delivers $1 billion of adjusted funds flow in Q1
Company continues to deleverage its balance sheet CALGARY, Alberta, April 24, 2019 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) delivered strong operating and financial performance in the first quarter of 2019, generating more than $1 billion of adjusted funds flow, $731 million of free funds flow and cash from operating activities of $436 million. The company’s excellent financial results were driven by strong operating performance, a significant narrowing of light-heavy [Read more]
TransGlobe Energy Corporation Announces an Operations Update
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta, April 24, 2019 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces a Q1 operations update. All dollar values are expressed in US dollars unless otherwise stated. UPDATES Production averaged ~15.9 [Read more]
Questerre announces successful private placement
CALGARY, Alberta, April 24, 2019 (GLOBE NEWSWIRE) -- Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce that its private placement of up to 38.9 million Common Shares (the “Private Placement”) has been over-subscribed at a price of 2.40 NOK or C$0.38 per Common Share. Gross proceeds are estimated at 93.4 million NOK or approximately C$14.8 million. Michael Binnion, President and Chief Executive Officer of Questerre commented, “With the improvement [Read more]
New Oil and Gas Jobs From BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Apr. 23 Field Operator Roska DBO Fox Creek Apr. 23 Sales Professional - Electrical & Instrumentation Services Ethix Recruitment Inc. Calgary Apr. [Read more]
CP Rail first-quarter profit rises 25 per cent on higher crude revenues
CALGARY - The head of Canadian Pacific Railway Ltd. says heavy snowfall and frigid temperatures cooled the company's quarterly results, resulting in lower tonnage numbers despite a boost in profits. “What happened to us in February, especially in the first two weeks of March, was extraordinary,” said chief executive Keith Creel. “Momentum was interrupted. As a result, revenue growth was muted and...expenses increased,” he told investors on a conference call Tuesday. Creel stressed “one [Read more]