Jan 12 (Reuters) - Energy firms in Canada almost doubled the number of rigs drilling for oil this week to the highest level in 10 months as producers returned en masse from Christmas breaks and crude prices remain around three-year highs. Drillers added 87 oil rigs during the week ended Jan. 12 bringing the total count up to 185, the highest level since March 2017, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. That was the biggest [Read more]
Headlines
Canada Weekly Rig Count up 102 to 276
Western Canada’s fleet of drilling rigs went up by 102 rigs to the current count of 276 actively drilling rigs according to data collected by Baker Hughes for the week of January 12th. From one week ago, Alberta rig counts increased from 129 to 190, the Saskatchewan rig count increased by 24 to 57. Oil drilling went from 98 to 185; gas rigs went up from 76 to 91. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add most oil rigs in a week since June -Baker Hughes
U.S. energy companies added 10 oil rigs this week, the biggest increase since June, as crude prices rose to their highest levels in three years, prompting drillers to return to the well pad. The total rig count rose to 752 in the week to Jan. 12, the most since September, 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 much higher than a year ago when only 522 rigs were [Read more]
Oil retreats from 2014 highs but set for fourth week of gains
NEW YORK (Reuters) - Oil prices edged lower on Friday after hitting a three-year high the previous day, but the benchmarks remained on track for a fourth straight week of gains. A drawdown in U.S. inventories and a pullback in production, combined with steady demand and the extension of OPEC’s global supply cut agreement, has bolstered the oil-market rally for several weeks, helping push Brent crude through $70 a barrel for the first time since December 2014. Russia’s Lukoil Chief [Read more]
Column: Canadian Unconventional Drillers are a Yuuge Bargain
It is somewhat understandable that high quality Canadian unconventional drillers are being shunned when investors have the option of jumping into Bitcoin, or the late stage NYSE stock rally. Clearly, these latter two investment vehicles have no risk and are a guarantee of high returns as witnessed by one of the longest winning streaks on record. The price rise of Bitcoin speaks for itself. Taking my tongue out of my cheek, Iike many older folks who were around in 1987, 2000 and 2008/9, I am [Read more]
Chinese bitcoin miners eye sites in energy-rich Canada
China's Bitmain Technologies is eyeing bitcoin mining sites in Quebec, a company spokesman told Reuters, as expectations of a potential Chinese crackdown on cryptocurrency mining make the energy-rich Canadian province an attractive alternative. China has grown into one of the world's biggest sources of cryptocurrency mining but there are signs Beijing is increasing scrutiny of the sector's players and may ask local authorities to regulate their power use. Bitmain Technologies, [Read more]
Peyto Reports Achievement of Year End Production Target and Revises 2018 Outlook
CALGARY, Alberta, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (TSX:PEY) ("Peyto” or the “Company") is pleased to announce the achievement of its year-end 2017 production target of 115,000 boe/d. Together with its industry leading cost structure and robust hedging program, the company expects to report another profitable and successful year in 2017. In addition, Peyto announces today a revised capital plan for 2018 in light of the recent 40% decline in near-term [Read more]
Suncor operations cease at base plant after ‘process upset’ knocks out power
CALGARY - Suncor Energy Inc. says operations have ceased at its oilsands base plant near Fort McMurray, Alta., after a temporary power loss Wednesday afternoon. Company spokesperson Erin Rees would only describe the cause of the power loss as a "process upset" but says power was restored as of Wednesday night. Rees says she cannot provide more detail because it's a "day to day operational issue." She says the incident does not impact the safety of the company's employees [Read more]
Draft policy: Alberta United Conservatives eye flat tax, private health delivery
EDMONTON - Alberta's governing NDP says draft policy ideas put forward by the Opposition United Conservatives are risky and would benefit the wealthy — but the new party calls that baseless fearmongering. Finance Minister Joe Ceci says a proposal to return to a flat personal income tax rate would take $700 million out of revenue for the benefit of the highest-income earners. "This is a glimpse of what the future Alberta will look like under (UCP Leader) Jason Kenney, and I can [Read more]
Berkshire energy unit names CEO to replace potential Buffett successor
Berkshire Hathaway Inc's energy unit on Thursday named William Fehrman as its new chief executive to replace Gregory Abel, who was promoted a day earlier to oversee more Berkshire units, and potentially succeed Warren Buffett. Fehrman, 57, joined the energy unit, Berkshire Hathaway Energy Co, in 2006. He had been chief executive of its MidAmerican Energy Co subsidiary, which provides electric and natural gas service in four Midwest U.S. states, and BHE Renewables, which builds wind and [Read more]