As with previous financial reporting periods since the federal government implemented the program in response to the COVID-19 downturn, oilfield services companies sung the praises of Canada’s Emergency Wage Subsidy (CEWS) during recent calls with the investment community to discuss their fourth quarter 2020 results.
March 16, 2021, 6:34 AM MDT
This week’s guidance report looks at some of the recent announcements from producers on their abandonment activities through Alberta’s Site Rehabilitation Program (SRP) and Saskatchewan’s Accelerated Site Closure Program (ASCP).
March 16, 2021, 8 AM MDT
Bonterra Energy Corp.’s 2020 production averaged10,575 boe/d, reflecting modest capital spending during the year coupled with 875 boe/d of shut-in production volumes related to facility maintenance and low commodity prices.
March 15, 2021, 6:25 AM MDT
Total Energy Services Inc. is increasing its 2020 capital budget by $4.5 million to $13.6 million, plus $1.1 million in spending commitments carried forward from 2020, as the company pursues investments that make economic sense, as well as continuing to prioritize debt repayment.
March 12, 2021, 11:07 AM MST
Crew Energy Inc. says it is the first Canadian energy producer to receive regulatory approval from the BC Oil and Gas Commission (OGC) for the installation and operation of a next-generation, spoolable surface pipeline for produced water transfer.
March 12, 2021, 12 AM MST
Spartan Delta Corp.’s 2021 capital expenditures of $101 million will be focused on the execution and acceleration of drill-ready development across the company's core properties targeting the Montney, Spirit River, and Cardium formations.
March 12, 2021, 5:54 AM MST
In anticipation of rising steel prices, and given the upcoming completion programs both at Oak and at Wembley, Kelt Exploration Ltd. has pre-purchased casing and line pipe to mitigate higher capital costs.
March 11, 2021, 7:27 AM MST
Pipestone Energy Corp. has modified its three-year development plan to reflect the improvements in WTI futures prices and a stronger medium-term fundamental outlook for crude oil, including jump in expected spending for 2021.
March 11, 2021, 6:36 AM MST
While the commodity price environment in recent months has turned decidedly more positive for exploration and production (E&P) companies, the service sector has yet to see a trickle-down effect, say Calfrac Well Services Ltd. and Trican Well Service Ltd.
March 9, 2021, 6:32 AM MST
The majority of Vermilion Energy Inc.’s 2020 North American drilling program was executed during the first half of the year with limited new production added during the second half of the year.
March 9, 2021, 8:36 AM MST
Surge Energy Inc. is completing a low-risk $39 million development drilling capital program in the first half of 2021, adding estimated production of more than 3,200 boe/d — roughly 90 per cent medium/light oil — from 32 gross (32.0 net) wells.
March 5, 2021, 6:41 AM MST
CWC Energy Services Corp. spent $5.1 million in 2020 compared to $5.3 million in 2019.
March 5, 2021, 7:36 AM MST
Tervita Corporation is banking on the positive momentum in the second half of 2020 to carry though to 2021.
March 5, 2021, 9:55 AM MST
Yangarra Resources Ltd. set its 2021 capital budget at $60 million prior to the announcement of multiple COVID-19 vaccines when WTI prices hovered around US$45/bbl.
March 4, 2021, 3:32 PM MST
Essential Energy Services Ltd.’s 2021 capital budget is $5.4 million, which includes spending on critical maintenance activities and funds available for growth capital.
March 4, 2021, 9:40 AM MST
Athabasca Oil Corporation is forecasting a 2021 capital budget of $100 million ($95 million Thermal Oil and $5 million Light Oil), up from the previous estimate of $75 million.
March 4, 2021, 6:06 AM MST
Paramount Resources Ltd.’s Montney-focused capital budget for 2021 is expected to range between $230-$260 million, excluding land acquisitions and abandonment and reclamation activities.
March 3, 2021, 8:42 AM MST
NuVista Energy Ltd. has increased capital spending for 2021 to between $230 million and $250 million from the original range of $180 million to $200 million.
March 3, 2021, 10:07 AM MST
MEG Energy Corp.’s adjusted funds flow was $278 million in 2020 compared to $726 million in 2019.
March 3, 2021, 4 PM MST
Storm Resources Ltd.’s production in the first quarter of 2021 is forecast to average 25,000 to 27,000 boe/d while capital investment is estimated to be $25 million (45 per cent allocated to the Fireweed area).
March 3, 2021, 5:53 AM MST
Although crude oil and natural gas prices have improved substantially from early pandemic lows, some North American E&Ps say they have no intention of raising capex even as spot and future prices escalate.
March 2, 2021, 9:41 AM MST
Tamarack Valley Energy Ltd. continues to be active in the Clearwater play with 12 wells rig released out of a planned 16-well first quarter $18 million program.
March 1, 2021, 12 AM MST
Petrus Resources Ltd.’s board of directors has approved a first quarter 2021 capital budget of $9 million to drill three gross (2.1 net) Cardium wells in its Ferrier area.
March 1, 2021, 12 AM MST
Advantage Oil & Gas Ltd. is reducing its 2021 capital guidance range to $115 million to $135 million from $125 million to $150 million.
February 26, 2021, 6:18 AM MST
Secure Energy Services Inc. outlined a 2021 capital program of $15 million, which includes $12 million of sustaining capital.
February 26, 2021, 7:45 AM MST