HOUSTON, Dec 14 (Reuters) - Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is on track to deliver up to 80 percent of the world’s oil production gains through 2025, the International Energy Agency estimates, increases fueled in part by easy access to capital. Rising U.S. production is undermining OPEC’s attempts to curb global supply and boost prices, forcing the oil [Read more]
Headlines
Kelt Announces Board Appointment
CALGARY, AB--(Marketwired - December 14, 2017) - The Board of Directors (the "Board") of Kelt Exploration Ltd. ("Kelt" or the "Company") (TSX: KEL) is pleased to announce that it has appointed Geri Greenall as a director of the Company effective December 14, 2017. Ms. Greenall is currently Executive Vice President, Portfolio Manager and Chief Operating Officer of Kyklopes Capital Management Ltd. She has over 14 years of experience either as a Portfolio Manager or Research Analyst in the oil and [Read more]
Bellatrix Announces a Fourth Quarter 2017 Operational Update, 2018 Capital Budget, and Publication of Its Annual Corporate Responsibility Report
TSX, NYSE: BXE - CALGARY, Dec. 14, 2017 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix", "we", "our" or the "Company") (TSX, NYSE: BXE) is pleased to announce a fourth quarter 2017 operational update, including completion of its 2017 capital program with production volumes exceeding guidance, and reconfirmation of its bank credit facility borrowing base. In addition, Bellatrix is pleased to announce that its Board of Directors has approved a 2018 capital budget designed to deliver sustained [Read more]
Cenovus Energy plans to cut 15 per cent of workforce as it looks to reduce costs
CALGARY - The new chief executive of Cenovus Energy Inc. unveiled plans for a leaner oilsands company Thursday, announcing hundreds of job cuts, lower-than-expected 2018 capital spending and the departure of three key executives. Alex Pourbaix, who replaced Brian Ferguson at the Cenovus (TSX:CVE) helm last month, said the company will move to get its financial house in order one year faster than planned under the previous regime. "We will build on the success of our divestiture [Read more]
Tidewater Midstream and Infrastructure Ltd. Announces 6.75% Senior Unsecured Note Offering and Amendment to Credit Facility
CALGARY, Alberta, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Senior Unsecured Note Offering Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX:TWM) is pleased to announce that it has agreed to issue $125 million of 6.75% senior unsecured notes due December 19, 2022 (the “Notes”) by way of private placement (the “Private Placement”). The Notes will be issued at a price of $994.79 per $1,000 principal amount. The Private Placement is expected to close December 19, 2017, [Read more]
Cenovus’s 2018 budget continues focus on deleveraging
CALGARY, Alberta, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) plans to invest between $1.5 billion and $1.7 billion in 2018, with the majority of the budget allocated to sustain base production at the company’s oil sands operations. The remaining capital will primarily support continued construction at the phase G oil sands expansion at Christina Lake, where costs are coming in below original expectations, and a targeted drilling program in the Deep Basin. This [Read more]
Brent eases as traders become sanguine about pipeline outage: Kemp
LONDON, Dec 14 (Reuters) - Brent futures for delivery in the first months of next year have given up much of their premium since the announcement on Monday that the Forties pipeline system would be shut for emergency repairs. The Forties pipeline system, which carries around 450,000 barrels per day and handles nearly a quarter of North Sea output, is likely to be shut for several weeks, according to owner Ineos. But traders have become much more sanguine about the impact on benchmark North [Read more]
North Sea oil deliveries halted in first force majeure in decades
LONDON (Reuters) - Deliveries of crude oil through the Forties pipeline in the North Sea are under force majeure for the first time in decades and operator INEOS said on Thursday there was no timeline yet for repair work that could last several weeks. The 169-km pipeline, which carries around a quarter of all North Sea crude output and around a third of Britain’s total offshore gas production, has been closed since Monday, following the discovery of a small crack in part of the system onshore [Read more]
Raging River Exploration Inc. Announces Duvernay Light Oil Discovery, Operational Update and Announces 2018 Capital Budget of $335 Million
CALGARY, Alberta, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Raging River Exploration Inc. (“Raging River” or the “Company”) (TSX:RRX) announces that the Company’s board of directors has approved a 2018 capital budget of $335 million. The budgeted capital expenditures are expected to increase annual average production in 2018 to 24,500 boe/d (92% oil) with fourth quarter 2018 production estimated at 26,000 boe/d representing a fourth quarter to fourth quarter production per share growth of greater than [Read more]
Surge Energy Inc. Announces 2018 Guidance
CALGARY, Dec. 13, 2017 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) announces that its Board of Directors has formally approved Surge's 2018 capital expenditure and production guidance. APPROVED GUIDANCE FOR 2018; CAPITAL EXPENDITURE BREAKDOWN Pursuant to a Press Release dated October 26, 2017, Surge provided preliminary capital expenditure and production guidance for 2018. In 2018 Surge now anticipates spending $98.75 million of total capital, broken down as [Read more]