CALGARY - Al Monaco may be the outgoing CEO of Canada's largest energy company, but don't ask him to predict the price of oil a decade from now — or even next year. “Anyone that says they can forecast energy markets is blowing smoke," the 63-year-old chief executive of Enbridge Inc. said in an interview last week. "This industry is not for the faint of heart.” But Monaco, who is set to retire Jan. 1 after 10 years at the helm of the company, isn't reticent about when he thinks we'll [Read more]
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AltaGas announces 2023 guidance, six per cent dividend increase, update on strategic priorities and progress on sustainability goals
CALGARY, AB - AltaGas Ltd. ("AltaGas" or the "Company") (TSX: ALA) announces its 2023 guidance and outlook, a six percent increase to the Company's common share dividends, provides updates on its strategic priorities, and progress update on its long-term Environment, Social and Governance (ESG) goals. HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) 2023 normalized EPS1 guidance of $1.85 - $2.05 represents approximately four percent [Read more]
Column: OPEC+ sits sensibly on its hands as oil uncertainties abound
When faced with a myriad of uncertainties the most sensible path is often to sit back and see how events unfold. That is what OPEC+ has chosen to do with the crude oil market. The Organization of the Petroleum Exporting Countries and allies including Russia did what was expected at their meeting on Sunday, sticking to their previous crude output target. The group's next scheduled meeting is a monitoring committee gathering on Feb. 1, which means that barring some extraordinary developments [Read more]
Petrofrontier announces the issuance of stock options
CALGARY, AB - PetroFrontier Corp. ("PetroFrontier" or the "Company") (TSX-V:PFC) announces its intention to grant options ("Options") to key personnel under its option plan. The Corporation intends to grant Options to acquire 4,950,000 Common Shares. Each Option will entitle the holder to acquire a Common Share at a price of $0.08 per Common Share for a term of five (5) years. The Options will vest as to one third each on the date of grant and the first and second anniversaries of the [Read more]
Russia will not export oil subject to Western cap, says Putin energy point man
Russia, the world's second largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin's point man on energy said. The Group of Seven and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland. The move by the West to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude above the [Read more]
Canada’s weekly rig count at 212
Canada averaged 212 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 32% are drilling for natural gas, 55% are drilling for oil, 3% for other (helium, hydrogen, geothermal, lithium, or potash), and 10% are moving. Drilling activity by province is 78% in Alberta, 12% in Saskatchewan, 8% in BC, and 2% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 37%, Ensign Drilling with 21%, Savanna [Read more]
Oil dips ahead of OPEC+ meeting, EU Russian oil ban
HOUSTON, Dec 2 (Reuters) - Oil futures slipped 1.5% in choppy trading on Friday ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude on Monday. Brent crude futures settled down $1.31, a 1.5% drop, at $85.57 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.24, or 1.5%, to $79.98 per barrel. Both contracts dipped in and out of negative territory, but notched their first weekly gains at [Read more]
Energy hungry Europe can’t look to U.S. shale to fill any OPEC gap
U.S. shale oil drillers turned from scrappy wildcatters into multi-millionaires over the past two decades, propelling the United States to become the world's largest producer, but now they are running out of runway. Oil output gains are slowing and executives from some of the largest firms are warning of future declines from overworked oilfields and less productive wells. On Sunday, the Organization of the Petroleum Exporting Countries (OPEC) meets to decide whether to hold the line or cut [Read more]
WCS discount narrows slightly
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) narrowed slightly on Friday: WCS heavy blend crude for January delivery in Hardisty, Alberta, was trading at $28.80 barrel under WTI, according to traders, down from the previous session's settle of $29.15. The slight narrowing reflects an inventory draw in Western Canada and as the heavy oil market awaits Sunday's OPEC+ meeting, a trader said. WCS differentials have been under pressure since [Read more]
U.S. natural gas drop 5% on delayed Freeport LNG restart, less cold forecasts
U.S. natural gas futures dropped about 5% to a two-week low on Friday on a delayed restart for the Freeport liquefied natural gas (LNG) export plant in Texas and forecasts for milder weather and lower demand over the next two weeks than previously expected. Milder weather should allow utilities to leave more gas in storage. Gas stockpiles were about 2.4% below the five-year (2017-2021) average for this time of year. Freeport LNG delayed the expected restart of its export plant to the end [Read more]
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