Western Canada’s fleet of drilling rigs are slowing down on account of seasonality in the drilling business with only 82 actively drilling according to data collected by Baker Hughes for the week of May 5. Drilling activity is starting to slow down, but still very active in comparison to last year’s count. Will will see a continued drop in activity due to the upcoming spring breakup. Rigs activity will stay low likely until June, when activity will start to pick up again. From one week [Read more]
Headlines
History on Repeat: Alberta’s Coming Stand-off with Trudeau
The Prairie provinces have had a complicated relationship with the federal government. The source of the West’s traditionally stormy relations with Ottawa can nearly always be traced back to jurisdictional control over the West’s natural resources. In similar fashion to Quebec’s neuroticism over issues of cultural identity, federal incursion into Alberta’s energy affairs has irrevocably shaped its political consciousness. The evolution of this feud can be encapsulated by three separate [Read more]
TransCanada Reports First Quarter 2017 Financial Results; Strong Results Build Upon Transformational 2016
CALGARY, ALBERTA--(Marketwired - May 5, 2017) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced net income attributable to common shares for first quarter 2017 of $643 million or $0.74 per share compared to net income of $252 million or $0.36 per share for the same period in 2016. Comparable earnings for first quarter 2017 were $698 million or $0.81 per share compared to $494 million or $0.70 per share for the same period in 2016. TransCanada's Board of Directors also [Read more]
Baker Hughes Announces April 2017 Rig Counts
HOUSTON--(BUSINESS WIRE)--Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for April 2017 was 956, up 13 from the 943 counted in March 2017, and up 10 from the 946 counted in April 2016. The international offshore rig count for April 2017 was 201, up 4 from the 197 counted in March 2017, and down 19 from the 220 counted in April 2016. The average U.S. rig count for April 2017 was 853, up 64 from the 789 counted in March 2017, and up 416 from the 437 [Read more]
Husky Energy Reports 2017 First Quarter Results
CALGARY, AB--(Marketwired - May 05, 2017) - Husky Energy Inc. (TSX: HSE) -- Good operational performance in the first quarter delivered funds from operations of $709 million, a 63 percent increase compared to a year ago, and free cash flow of $325 million. "Our consistently improving performance over recent quarters has delivered increased free cash flow, demonstrating that the structural transformation of our business has reached critical mass," said CEO Rob Peabody. "This moves us closer [Read more]
Enerplus Announces First Quarter 2017 Results
All financial information contained within this news release has been prepared in accordance with U.S. GAAP, except as noted under "Non-GAAP Measures". This news release includes forward-looking statements and information within the meaning of applicable securities laws. Readers are advised to review the "Forward-Looking Information and Statements" at the conclusion of this news release. A full copy of Enerplus' First Quarter 2017 Financial Statements and MD&A are available on the Company's [Read more]
Tourmaline Achieves Strong Earnings as Well as Record Production and Cash Flow in the First Quarter
CALGARY, May 4, 2017 /CNW/ - Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to release strong financial and operating results for the first quarter of 2017. HIGHLIGHTS Record Q1 2017 production of 233,278 boepd, a 22% increase over the prior quarter. Strong first quarter 2017 earnings of $99.5 million ($0.37/diluted share) underscoring the fundamental profitability of Tourmaline's asset base. First quarter 2017 cash flow(1) of $292.9 million [Read more]
Advantage Announces First Quarter 2017 Operating & Financial Results
42% Increase in Production to 238 mmcfe/d (39,635 boe/d), 79% Increase in Cash Flow to $54 million and a 39% Increase in Undeveloped Montney Land Holdings (TSX: AAV, NYSE: AAV) CALGARY, May 4, 2017 /PRNewswire/ - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to report that first quarter 2017 production increased 42% over the same period of 2016 and 8% over the fourth quarter of 2016 to a record level of 238 mmcfe/d (39,635 boe/d). Cash flow increased 79% to $54 [Read more]
Cardinal Energy Ltd. Announces First Quarter 2017 Results
CALGARY, ALBERTA--(Marketwired - May 4, 2017) - Cardinal Energy Ltd. ("Cardinal" or the "Company") (TSX:CJ) is pleased to announce its operating and financial results for the quarter ended March 31, 2017. The Company also announces that its unaudited financial statements and management's discussion and analysis for the quarter ended March 31, 2017, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on Cardinal's website at [Read more]
ConocoPhillips cutting 300 jobs in Calgary following Cenovus deal
ConocoPhillips says it's cutting about 300 jobs following a deal to sell most of its Canadian oil and gas holdings to Cenovus Energy. Spokesman Rob Evans said the layoffs are needed to adjust to the smaller size of the company following the $17.7 billion deal announced in late March. He said the cuts will be mainly in Calgary, and employees will know by mid May if they've lost their job. The layoffs come as Calgary's overall unemployment rate has been slowly dropping, as the energy [Read more]