MONTREAL - By the time he wraps up his day-long talk fest with provincial and territorial leaders, Prime Minister Justin Trudeau may well rue the day he promised to hold first ministers' meetings annually. Friday's closed-door gathering is Trudeau's fourth summit with premiers and promises to be the most turbulent — and likely the least productive. Gone are the days when he was surrounded by friendly provincial Liberal allies. Now, he's facing a phalanx of conservative premiers who are [Read more]
Headlines
Granite Oil Corp. Provides Dividend Update
CALGARY, Alberta, Dec. 06, 2018 (GLOBE NEWSWIRE) -- GRANITE OIL CORP. (“Granite” or the “Company”) (TSX: GXO) (OTCQX: GXOCF) provides an update to its dividend policy. From September 2018, the Canadian energy sector has faced unprecedented discounts for its crude products that have had major impacts on the industry, the province and the country. These discounts are a result of crude inventory builds related to American refinery maintenance shutdowns and Canada’s lack of access to international [Read more]
Premiers head to Montreal for tough meeting with Trudeau
MONTREAL - Premiers arrived Thursday for a first ministers' meeting still grumbling about the agenda set by Prime Minister Justin Trudeau, with one — Ontario's Doug Ford — threatening to walk out if the program isn't expanded to reflect a host of provincial priorities. The tone as they prepared to dine privately with Trudeau on Thursday evening underscored the tensions that seem likely to turn Friday's meeting into the most acrimonious first ministers' gathering in years. Sources close to [Read more]
Cardinal Energy Ltd. Announces Change to Cash Dividend for December 2018 Payable January 15, 2019
CALGARY, Alberta, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Cardinal Energy Ltd. ("Cardinal") (TSX: CJ) Volatility in Canadian oil price differentials, coupled with the recent decline in world oil prices have caused Cardinal to re-evaluate the current level of its dividend. During the fourth quarter, Canadian oil producers have received embarrassingly low prices due to lack of pipeline egress. Industry is looking to truck and rail solutions to move oil to market instead of transporting it through the [Read more]
Chevron Announces $20 Billion Capital and Exploratory Budget for 2019
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today announced a 2019 organic capital and exploratory spending program of $20 billion. “Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basin position, additional shale and tight development in other basins and our major capital project at TCO in Kazakhstan,” said Chairman and CEO Michael K. Wirth. “Our investments are anchored in high-return [Read more]
Canada will feel oilpatch pain, but likely won’t be as bad as 2015: Poloz
OTTAWA - The negative impacts of low oil prices that have struck Western Canada will reverberate across the entire national economy, the head of the Bank of Canada said Thursday. But governor Stephen Poloz estimates the latest drop in crude prices will likely have less bite across the country than the 2015 oil-price crisis, which contributed at the time to a slight, technical recession. In prepared notes for a speech in Toronto, Poloz said oil and gas production now makes up just [Read more]
Sinopec Canada: Non-Core Property Divestiture
Sinopec Canada (“Sinopec”) is in the process of selling certain non-core properties located in Alberta (~80,500 Gross Acres). The total Net production from all of the assets for H1 2018 was ~340 Boe/d (~40% oil and liquids). The Assets are a mix of Unit, Operated, and Non-Operated Working Interests, with the majority being Non-Operated. Click here to view additional information on Sinopec Canada's Non-Core Property Divestiture A package of more detailed confidential information will be [Read more]
Tailpipes through the bend of a horizontal well improve production and are becoming a standard practice for unconventional horizonal wells
Artificial lift systems under-perform when faced with unstable slug flows from a horizontal wellbore. Slug flows bring solids issues and pump gas interference which increases operating expenses from poor runtime, excessive workover costs, and inadequate production drawdown. Five years ago, the HEAL System was developed by a producer to address slug flow challenges. Its capability to provide desired production drawdown with artificial lift system reliability has improved horizontal well [Read more]
Lacey: Ignorance is bliss – curtailment and other market misconceptions
Previously I wrote about the need for the Government of Alberta to enact legislation to curtail the oversupply of crude oil in the province and try to restore more 'normal' differentials. Last Sunday, Premier Rachel Notley took the bold step of telling producers they need to reduce production by 325 MBpd or roughly 8.7% of total production starting in January 2019. When layered together with an exemption for producers who were below 10 MBpd, this translated to approximately 25 producers in [Read more]
New Brunswick launching own carbon tax challenge, making new emissions plan
FREDERICTON - New Brunswick Premier Blaine Higgs says he's committed to meeting and exceeding Ottawa's emission targets, but is expanding his province's fight against the federal carbon tax. Last week, the new Tory government announced it will intervene in legal challenges launched by Saskatchewan and Ontario, but now Higgs says New Brunswick will also launch its own legal challenge of the carbon tax. He says the proposed federal backstop puts New Brunswick at a disadvantage, and if it [Read more]