Canadian oil and gas drilling activity will climb 5 percent in 2018 as a gradual uptick in crude prices gives rise to cautious optimism among producers, an industry body forecast on Tuesday. The Petroleum Services Association of Canada (PSAC) expects energy firms to drill 7,900 wells next year, up from 7,550 in 2017. The biggest increase in activity will be in Canada's main crude oil and gas-producing province of Alberta. Based on PSAC's forecast, next year will be the busiest for [Read more]
Headlines
Traverse Energy Ltd. Closes Private Placement Financing
CALGARY, Alberta, Oct. 31, 2017 (GLOBE NEWSWIRE) -- Traverse Energy Ltd. (the “Corporation”) (TSX Venture:TVL) announces that it has closed the second and final tranche (the “Final Tranche”) of its previously announced non-brokered private placement (the “Private Placement”) of common shares of the Corporation (“Shares”) issued on a "flow through" basis eligible for the renunciation of Canadian exploration expenses within the meaning of the Income Tax Act (Canada) at $0.46 per Share. The [Read more]
Devon Energy Reports Third-Quarter 2017 Results
OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the third quarter of 2017. Also included within the release is the company’s guidance outlook for the fourth quarter of 2017. Highlights Production exceeds midpoint of hurricane-adjusted guidance 50 high-rate wells brought online with average rates exceeding 2,100 Boe per day Capital expenditures were 12 percent below guidance year to date Divestiture program [Read more]
PrairieSky Announces Third Quarter 2017 Results
CALGARY, ALBERTA--(Marketwired - Oct. 30, 2017) - PrairieSky Royalty Ltd. ("PrairieSky" or the "Company") (TSX:PSK) is pleased to announce its third quarter operating and financial results for the period ended September 30, 2017. 2017 Third Quarter Highlights: Revenues of $71.7 million including $54.2 million of royalty revenue and $15.5 million of lease bonus consideration generated by leasing land for new and existing plays Funds from operations of $66.8 million or $0.28 per share, [Read more]
Oil patch wants “flexibility” on coming methane cuts or says jobs are at risk
EDMONTON - Thousands of jobs in the oil patch are at risk if governments try to impose the wrong approach to cutting back a highly potent greenhouse gas, says an industry lobby group. "Let's take the best opportunities as opposed to being very prescriptive," Tim McMillan, head of the Canadian Association of Petroleum Producers, said Monday. The federal and Alberta governments, with industry support, have announced plans to reduce emissions of methane by up to 45 per cent by 2025. [Read more]
Column: Killing the goose that laid the golden egg
Increasingly harsh and ever-shifting resource-related government policies are killing jobs and making Canadians poorer. With the cancellation of TransCanada’s proposed Energy East pipeline – after the company spent $1 billion trying to jump through ever-changing regulatory and political hoops – Canadians should remind themselves where much of our country’s recent economic uptick originated: in resource exploration and extraction. This was illustrated again, just before the TransCanada [Read more]
Oil market set to move from rebalancing to tightening: Kemp
LONDON (Reuters) - The oil market is now well into a cyclical upswing and within the next year the narrative about “rebalancing” is likely to be replaced by one about “tightening”. Rebalancing started well before the production pact between the Organization of the Petroleum Exporting Countries (OPEC) and its allies went into effect in January. OPEC has been open about the fact that the rebalancing process pre-dated its agreement, with officials repeatedly noting the accord was intended to [Read more]
Cenovus appoints Alex Pourbaix as new President & CEO
CALGARY, Alberta, Oct. 30, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) today announced the appointment of Alex Pourbaix as President & Chief Executive Officer and member of the Board of Directors. Pourbaix will start the role on November 6. He replaces Brian Ferguson, who announced earlier this year that he will be retiring from that position after 33 years with Cenovus and its predecessor companies. Ferguson’s last day as President & Chief Executive Officer will be [Read more]
Vermilion Energy Inc. Announces Results for the Three and Nine Months Ended September 30, 2017
CALGARY, Oct. 30, 2017 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and unaudited financial results for the three and nine months ended September 30, 2017. The unaudited financial statements and management discussion and analysis for the three and nine months ended September 30, 2017, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at [Read more]
U.S. oil exports boom, putting infrastructure to the test
NEW YORK/HOUSTON (Reuters) - Tankers carrying record levels of crude are leaving in droves from Texas and Louisiana ports, and more growth in the fledgling U.S. oil export market may before long test the limits of infrastructure like pipelines, dock space and ship traffic. U.S. crude exports have boomed since the decades-old ban was lifted less than two years ago, with shipments recently hitting a record of 2 million barrels a day. But shippers and traders fear the rising trend is not [Read more]