Analysis

  • CanOils Analysis: TSX Companies Hedged 120,000 Bbl Per Day More Oil Heading Into Q2

    The 54 active hedgers (1) among the TSX-listed oil and gas producers went into the second quarter with hedging contracts that covered a total volume of almost 737,000 bbls per day of oil and natural gas liquids (NGLs) production and 4.4 bcf per day of natural gas production, analysis from the CanOils hedging database has revealed.

    August 10, 2017, 8:06 AM MDT

  • Analysis: Impact Of Western Canada’s New Oil Pipeline Pinch On Price Differentials

    The Western Canadian oil market is now short of pipeline capacity, and this situation could persist through 2030, depending if industry is able to push major pipeline projects forward in this politically-charged environment. In 2016, regional oil supply was basically in balance with pipeline takeaway capacity. But continuing investment, driven by the last round of high oil prices, is pushing production substantially higher this year and next, while substantial new pipeline capacity cannot come online until the end of this decade, at the earliest.

    August 10, 2017, 6 AM MDT

  • Analysis: Impact Of New U.S. Economic Sanctions On Venezuela

    The end game is near for Venezuela. President Nicolas Maduro and his fellow Chavistas continue to cling to power despite economic collapse and widespread opposition to their government. In response to anti-government opposition, Maduro has organized a vote at the end of the month for a Constituent Assembly to rewrite the constitution. The opposition believes the new constitution will allow President Maduro to turn Venezuela into a single-party, authoritarian state.

    July 27, 2017, 12 AM MDT

  • Debt Financings Drive First Half 2017 Financings To Record High

    A total of $17.9 billion in equity and debt was raised by the Canadian oil and natural gas industry in the first six months of 2017, representing the highest six-month total on record. Sayer Energy Advisors has been tracking these statistics for the last 24 years. This is a 152 per cent increase from the $7.1 billion recorded over the same time period in 2016. 

    July 26, 2017, 8:22 AM MDT

  • EIA: Reporting U.S. Companies See Oil And Gas Reserves Decline For Second Consecutive Year

    Proved oil and gas reserves for 67 U.S.-listed companies fell for the second year in a row in 2016, according to fresh analysis from the U.S. Energy Information Administration (EIA) using Evaluate Energy data.

    June 15, 2017, 7:29 AM MDT

  • Number Of Dealers Increase In 2016 Despite Drop In Total Financings

    A total of $15.5 billion in capital was raised by the Canadian oil and natural gas industry in 2016, down 11% from the $17.4 billion raised in 2015. 

    May 31, 2017, 7:16 AM MDT

  • CanOils Analysis: Active Hedgers Covered 63 Per Cent Of Natural Gas Production In Q1 2017

    Active hedgers among the TSX-listed oil and gas producers covered 63 per cent of their combined natural gas production — and 48 per cent of combined oil production — with a range of hedging contracts in Q1 2017.

    May 30, 2017, 8:12 AM MDT

  • CanOils Analysis: Painted Pony Leads TSX Gas Producers In Cost Cutting In 2016

    Painted Pony Petroleum Ltd., at 23 mboe/d, is by no means the largest gas producer on the TSX, but the company achieved the highest percentage cut in operating costs of any TSX-listed gas producer during 2016, according to new data from CanOils.

    May 17, 2017, 6 AM MDT

  • Impact Of The Redwater Appeal Decision On M&A Activity

    The release this week of the long-awaited court decision by the Alberta Court of Appeal to the appeal by the Alberta Energy Regulator (the “AER”) of the May 2016 ruling (the “Redwater Decision”) by the Court of Queen’s Bench of Alberta that provincial regulations are in conflict with the federal Bankruptcy and Insolvency Act (“BIA”, or the “Act”) will have implications on oil and natural gas mergers and acquisitions (“M&A”) activity.

    April 26, 2017, 6 AM MDT

  • Keystone XL: No Longer Just A Pipe Dream

    After nine years and many twists and turns, the Keystone XL pipeline took a major step forward last Friday when Donald Trump’s State Department granted the project a presidential permit.

    March 28, 2017, 9:54 AM MDT

  • Trudeau Walks A Thin Tightrope Between Fossil Fuels, Renewables

    March 10, 2017, 10:35 AM MST

  • What Does It Cost To Complete A Well In Alberta?

    Higher commodity prices in Canada are driving a renewed focus on completing wells in Alberta, following a huge increase in the number of drilled but uncompleted wells (DUCs) over the past three years.

    February 28, 2017, 8:37 AM MST

  • Analysis: As Russia’s Gas Market Gets Weaker, Europe Gets Stronger

    January 11, 2017, 9:56 AM MST

  • Analysis: Tillerson, Russia And Energy Growth

    Former ExxonMobil CEO Rex Tillerson’s track record in Russia will come under further scrutiny this week.

    January 10, 2017, 8:58 AM MST

  • Recap Of Insolvencies In 2016

    So far in 2016, there have been 26 oil and natural gas exploration and production (“E&P”) companies that have entered into insolvency processes either through a receivership, the Bankruptcy Insolvency Act (“BIA”) or the Companies’ Creditors Arrangement Act (“CCAA”) (collectively “Insolvency Processes”). This compares to 2015 when there were 20 companies that entered into Insolvency Processes. In a typical year, before the 2014 commodity price crash, there have been on average eight Canadian E&P companies that would have entered into Insolvency Processes.

    November 30, 2016, 7:56 AM MST

  • Analysis: How Trudeau Wins The Nobel Peace Prize

    Energy security: in Canada, we don’t worry about it. We are one of the world’s largest exporters of energy including oil and gas, electricity and uranium.

    November 29, 2016, 6 AM MST

  • Analysis: A Disproportional Emphasis On Upstream Oil And Gas Is Not A Solution For Reducing GHGs

    Here is an undeniable, yet underappreciated fact: the vast majority of greenhouse gas (GHG) emissions from fossil fuels (coal, oil, and gas) are actually released into the atmosphere when the fuels are burned by a consumer. 

    November 24, 2016, 6 AM MST

  • It’s Open Season On Eastern Gas Markets

    Make no mistake about it, Canadian gas producers are in an intense market share battle with their American counterparts.

    October 27, 2016, 6 AM MDT

  • The Landscape Of Canadian Publicly-Traded Exploration And Production Companies Has Changed

    The landscape of publicly-traded exploration and production (“E&P”) companies in the Canadian oil and natural gas sector has changed. With the commodity price bust over the last couple of years, many E&P companies with unmanageable debt levels, assets that have higher operating costs and/or lower production levels have disappeared in droves.

    October 26, 2016, 8:30 AM MDT

  • Upstream M&A In Canada Reaches C$165 Million In September 2016

    Analysis in CanOils' latest monthly M&A review suggests that the pressure on Canada’s E&P sector to raise external financing to meet capital commitments would appear to be alleviating somewhat, based upon much lower M&A activity levels in September.

    October 20, 2016, 8:11 AM MDT

  • Share Issuances In Vogue For U.S. Oil & Gas Companies In 2016

    The amount of cash raised by 68 U.S. oil and gas companies via a net issuance in new shares soared to a three-year high of US$19.4 billion in Q2 2016, according to Evaluate Energy’s new study focused on U.S. oil and gas company cash flow, which can be downloaded here.

    October 18, 2016, 8:18 AM MDT

  • U.S. Oil And Gas Production Growth Stalls As Companies Cut Cap-Ex By 57 Per Cent Since 2014

    Dramatic shifts have taken place in the way U.S. oil and gas operators view cash flow, capital expenditures (cap-ex) and market risk — with companies closer today to being able to fund cap-ex plans with only their operating cash flow than at any point since the price downturn began.

    October 5, 2016, 8:04 AM MDT

  • M&A Being Driven By Large Public Companies Selling Assets

    In the first half of 2016 approximately $15 billion in merger and acquisition (“M&A”) activity took place in the Canadian oil and natural gas industry. Breaking this down further, $8.9 billion consisted of corporate transactions, overwhelmed by Suncor Energy Inc.’s acquisition of Canadian Oil Sands Limited for $8.3 billion, while there was $5.7 billion in asset sales completed.

    September 28, 2016, 7:50 AM MDT

  • Analysis: Rapid Rise In Iraqi Crude Oil Production Likely A Thing Of The Past

    Iraq’s crude oil production has made impressive gains to record high levels in recent years despite ongoing political dysfunction and the Islamic State controlling as much as a third of the country’s territory since the middle of 2014. But future production gains are in doubt for a combination of political and economic reasons, and Iraq could in fact see a decline in its crude oil production if ethnic and intra-ethnic rivalries were to lead to a multi-sided civil war.

    September 7, 2016, 6 AM MDT

  • Analysis: The Other Side Of The Oil Storage Story

    It may come as a surprise — especially considering the recent volatility in the price of oil — that market fundamentals have improved in the last three months. For the first time in two years, the world market is now nearly balanced, meaning that oil consumption is almost equal to production.

    August 31, 2016, 8:04 AM MDT