CALGARY, Alberta - Husky Energy today released its 2020 ESG Report, including a GHG emissions intensity reduction target of 25% by 2025 and a gender diversity target of 25% women in senior leadership roles. The report also addresses Husky’s aspiration to be net zero by 2050. Additional highlights of Husky’s 2019 ESG performance include: Improved safety performance, including achievement of Husky’s lowest Total Recordable Injury Rate to date, and a 55% improvement in its Lost Time [Read more]
Headlines
Alberta, Ottawa sign deal that reduces oilsands environmental monitoring
EDMONTON - Alberta has signed an agreement with the federal government that makes major cuts to environmental monitoring of the oilsands. The deal, a copy of which has been obtained by The Canadian Press, lays out research plans for this year's field season under a federal-provincial program that oversees all monitoring of the area outside of company leases. Signed July 7 by top bureaucrats in Ottawa and Edmonton, it cuts funding by at least 25 per cent. The budget has been cut to no more [Read more]
International Petroleum Corporation second quarter 2020 financial results and corporate update
TORONTO - International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis for the six months ended June 30, 2020. Business Update Forecast 2020 net average production revised upwards to 37,000 to 40,000 barrels of oil equivalent per day (boepd) from the previous guidance of 30,000 to 37,000 boepd. Capital and decommissioning expenditure guidance marginally [Read more]
Perpetual Energy Inc. reports second quarter 2020 financial and operating results
CALGARY, AB - (TSX: PMT) Perpetual Energy Inc. ("Perpetual" or the "Company") herein releases its second quarter 2020 financial and operating results. A complete copy of Perpetual's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2020 can be obtained through the Company's website at www.perpetualenergyinc.com and SEDAR at www.sedar.com. EAST EDSON TRANSACTION On April [Read more]
Alberta’s new Liability Management Framework – A move in the right direction in unprecedented times
Managing the challenges to Alberta’s oil and gas industry in 2020 has proven to be daunting for the current Alberta government. In 2019, post-election, the government was tasked with addressing Alberta’s thousands of inactive oil and gas wells - changing how those wells are managed and overhauling how that work is paid for including a request for federal funds. The government had been ready to finalize new policy in March this year when the COVID-19 pandemic struck, along with the “fairly [Read more]
Canada weekly rig count up 3 to 45
Canada’s fleet of active drilling rigs grew from 42 to 45 since last week according to data from Baker Hughes. Total drilling count was 45 at July 31. 11 rigs were drilling for oil; 33 for natural gas. The drilling activity in Alberta grew from 28 to 29 since last week. Saskatchewan’s drilling grew from 4 to 5 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. oil & gas rig count holds steady at record low
U.S. energy firms kept the number of oil and natural gas rigs unchanged at a record low as the rig count fell for a fifth straight month, although July marked the smallest monthly decline due to a recovery in prices. The rig count, an early indicator of future output, steadied at the all-time low of 251 in the week to July 31, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. Before this week, the count had hit all-time lows for 12 straight [Read more]
Oil set for fragile recovery as economies limp towards normal
Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second COVID-19 wave could slow the pace of recovery, a Reuters poll showed on Friday. The survey of 43 analysts and economists forecast benchmark Brent crude to average $41.50 a barrel in 2020, up slightly from the $40.41 consensus in last month's survey and compared with around $42 average for the benchmark thus far this year. It is expected to average $49.85 [Read more]
Business Rebound – Challenges and opportunities for O&G post-COVID-19
COVID-19 has caused significant disruption to many industries across Canada, but for the O&G industry, layering the pandemic on top of historic market volatility has created some unique challenges for business owners. In this second installment of BDO’s Business Rebound Webinar Series, our expert panel will focus on business resiliency in the O&G sector to discuss: Challenges and opportunities in the post-COVID-19 landscape M&A risks to consider The current [Read more]
Imperial announces second quarter 2020 financial and operating results
CALGARY, Alberta - Imperial Oil Limited (TSX:IMO): Net loss of $526 million primarily driven by lower Upstream realizations and Downstream margins Managed operational and financial impacts of COVID-19 Optimized turnaround activities at key assets with significant cost efficiencies Reduced year-to-date production and manufacturing expenses by over $450 million versus 2019 Year-to-date capital expenditures on track to meet reduced guidance of $1.1 billion to $1.2 billion [Read more]
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