The rush by dividend-paying Canadian exploration and production companies to cut capital expenditures and in many cases reduce or suspend payouts will continue as weak commodity prices persist, experts say.
With high natural gas storage levels and production at current levels, Henry Hub prices are expected to average US$2.39 per mmBtu this summer, down 43 per cent from $4.16 per mmBtu in the summer of 2014, says a United States analytics and forecasting firm.
Despite the collapse in oil prices, Canadian Natural Resources Limited almost tripled its profit in the fourth quarter (see tables) and is raising its dividend at a time when many in the oilpatch are cutting.
Service companies are now faced with not only less work and customers asking them to reduce their prices, but the challenge of retaining the skilled labour they have paid premiums to hire and keep, a recent conference heard.
Savanna Energy Services Corp.’s restructuring efforts are continuing as the company attempts to weather the storm of weak market conditions and rising debt levels.
Essential Energy Services Ltd. will cut salaries and reduce staff in order to trim costs in the face of the ongoing industry downturn, company executives said today.
Carbon pricing will be a good for Alberta, and it might actually help the oilpatch by pushing firms to be more efficient and cleaner in their production, says Chris Ragan, chairman of Canada’s Ecofiscal Commission.
Baytex Energy Corp. says drilling results in its Eagle Ford acquisition have exceeded expectations, outperforming type curves by about 22 per cent and driven by the drilling of longer laterals, tighter spacing of fracs and increased proppant per stage.
Trilogy Energy Corp.reported a loss of $61.01 million for 2014, compared to net earnings of $11.47 million the previous year, and is maintaining its latest spending guidance for 2015 of $100 million, which was previously lowered from original estimates (DOB, Jan. 23, 2015).
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Property impairments of $300 million after tax due to lower commodity price forecasts resulted in net losses for both the year and fourth quarter for Long Run Exploration Ltd.
Painted Pony Petroleum Ltd. has lowered its 2015 budget to $104 million, subject to review on a quarterly basis.
Calfrac Well Services Ltd. reports it has achieved a new level of efficiency in the Viking play as it successfully completed the fracturing of two wells within a 12-hour period.
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Husky Energy Inc. announces that the underwriters of its cumulative redeemable preferred shares, Series 5, offering have exercised their option to increase the size to eight million shares, due to positive investor response.
Secure Energy Services Inc. has entered into an agreement with a syndicate of underwriters pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 9.56 million common shares at C$14.65 per common share for gross proceeds of approximately C$140 million.
Shell Canada Ltd. announced Wednesday it is contributing $450,000 to the TELUS World of Science – Edmonton (TWOSE) to fund its on-site school program, and unveiled a new interactive carbon capture and storage exhibit.
A Canadian Enerdata weekly survey of Canadian natural gas in showed a total of 288 bcf of gas in storage for the week ended Feb. 27, 2015, down nine per cent from 317.6 bcf the previous week.
Here’s your early morning summary of the latest oil and gas news — a concise look at what you need to start your day in the know. Get more detailed, contextual information in the noon-hour DOB, or view the continuous feed of articles all morning at www.dailyoilbulletin.com.
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