CALGARY - A pair of junior Calgary oil companies are cutting payouts to shareholders and reducing production because of current steep discounts on western Canadian oil prices. Both Cardinal Energy Ltd. and Granite Oil Corp. say they can't afford to wait and see if production cuts imposed by the Alberta government starting Jan. 1 will work to drain a glut of oil and thus allow prices to recover. Cardinal shares fell by more than six per cent in early trading on the Toronto Stock [Read more]
Headlines
Bellatrix Announces Planned Timing of Its 2019 Guidance Release, Market Diversification Benefits, Debt Refinancing Update and Publication of Its Annual Corporate Responsibility Report
CALGARY, Alberta, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) announces the planned timing of its 2019 capital budget and guidance release, reiterates its commodity price risk management protection and market diversification exposure, provides an update regarding its ongoing debt refinancing efforts, and the publication of its annual corporate responsibility report. 2019 Capital Budget and Guidance Timing Bellatrix plans to [Read more]
Baker Hughes, a GE company Announces November 2018 Rig Counts
HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for November 2018 was 991, down 26 from the 1,017 counted in October 2018, and up 49 from the 942 counted in November 2017. The international offshore rig count for November 2018 was 206, down 1 from the 207 counted in October 2018, and up 23 from the 183 counted in November 2017. The average U.S. rig count for November 2018 was 1,077, up 15 from the [Read more]
First ministers’ meeting likely to be most fractious, least productive for PM
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]
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]