Elizabeth Aquin, interim president and chief executive officer of the Petroleum Services Association of Canada (PSAC), anticipates oilfield services capital spending in 2021 to be similar to 2020 — a year that began with pipeline protests and blockades before the COVID-19 lockdown, downturn and low oil prices hammered the energy sector.
January 19, 2021, 12 AM MST
Industry primarily will focus this year’s spending within Alberta and British Columbia, says a Canadian Association of Petroleum Producers (CAPP) forecast released Jan. 13, with the largest year-over-year percentage increase for capex in B.C.
January 19, 2021, 11:14 AM MST
Vermilion Energy Inc.’s 2021 capital budget of $300 million is a balanced and disciplined budget focused on maximizing returns and free cash flow to facilitate debt reduction.
January 18, 2021, 3:19 PM MST
Cardinal Energy Ltd. plans a capital program of $25 to $30 million for 2021 focused on reactivations, continued upgrades to its pipeline and facility infrastructure, and increasing CO2 injection at the Midale enhanced oil recovery project.
January 18, 2021, 6 AM MST
Upstream oil and natural gas investments will increase 14 per cent in 2021, according to a Canadian Association of Petroleum Producers (CAPP) forecast released this morning. The association anticipates around $27.3 billion of capital spending for this year, which is up from an estimated $24 billion of investment in 2020.
January 13, 2021, 8:41 AM MST
Data compiled by Evaluate Energy for this week’s guidance report shows that a basket of Canadian-based companies that have announced 2021 spending plans will have a combined $1.66-billion boost across the 25 companies, representing an increase in 2021 of 13 per cent over currently reported 2020 guidance for the same companies.
January 12, 2021, 10:34 AM MST
Tamarack Valley Energy Ltd. outlined a 2021 capital budget of $105 to $110 million on Monday, which will be designed to raise corporate oil production by 30 per cent on an exit-over-exit basis, generate significant free adjusted funds flow and maintain a strong balance sheet with a debt to trailing annual adjusted funds flow of less than 1.5 times.
January 12, 2021, 12 AM MST
Total Energy Services Inc.’s preliminary 2021 capital expenditure budget is $9.1 million.
January 12, 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 (2.1 net) Cardium wells in the Ferrier area.
January 12, 2021, 3:12 PM MST
Rig activity increased steadily this week, the first full week back following the Christmas slowdown.
January 8, 2021, 10:30 AM MST
InPlay Oil Corp.’s board of directors has approved a $23 million capital program for 2021 with forecast average production of 5,100–5,400 boe/d (69 per cent oil and liquids).
January 7, 2021, 3:51 PM MST
Spartan Delta Corp. firmed up its capital spending guidance for 2021 to $43 million from a previous range of $40 million-$43 million.
January 6, 2021, 6:09 AM MST
In the second half of 2020, Advantage Oil & Gas Ltd. drilled 13 wells “with exceptional execution,” the company said in an update today.
January 6, 2021, 3:22 PM MST
Obsidian Energy Ltd. outlined first half 2021 capital spending plans of $35 million plus $5 million in decommissioning expenditures.
January 5, 2021, 5:27 AM MST
Whitecap Resources Inc. completed the previously announced strategic combination with NAL Resources Limited.
January 4, 2021, 2:56 PM MST
Ensign Energy Services Inc. has budgeted capital expenditures for 2021 of approximately $50 million.
January 4, 2021, 12 AM MST
Western Energy Services Corp. announced a preliminary 2021 capital expenditure budget of $6 million, which is expected to be maintenance capital.
January 4, 2021, 12 AM MST
Ovintiv Inc.’s 2020 production averaged more than 540,000 boe/d, the company said in its preliminary Q4 update this morning.
January 4, 2021, 5:56 AM MST
Bonterra Energy Corp. reported a successful and efficient Q3/Q4 2020 drilling program, which has and will continue to be funded, in part, by the Business Development Bank of Canada (BDC) commitment.
December 23, 2020, 12 AM MST
At the start of 2020, the active rate for rigs shot up past 50 per cent in Western Canada, which at the time portended a decent year of drilling activity in the basin.
December 18, 2020, 10:20 AM MST
Gear Energy Ltd. has outlined a $20 million capital budget for 2021 targeting stabilized production and continued improvement of the strong balance sheet.
December 17, 2020, 5:13 PM MST
With many Canadian E&Ps having announced initial 2021 capital spending plans, service sector and midstream companies have also started releasing guidance.
December 15, 2020, 11:31 AM MST
Pembina Pipeline Corporation has set a 2021 capital budget of $730 million as it reactivates two previously deferred growth projects, a revised Phase VII Peace Pipeline expansion and Empress co-generation facility, although a joint venture petrochemical project has been suspended indefinitely.
December 14, 2020, 11:38 AM MST
Headwater Exploration Inc. has an active exploration and development capital program planned for 2021 in the Marten Hills area, with $85 - $90 million in spending expected to result in the drilling of 24 eight-leg multi-lateral wells, 25 injector wells and three source wells.
December 14, 2020, 6:28 AM MST
On its financial health index, Wood Mackenzie Ltd. finds that Canadian large-cap energy firms are financially quite strong, in general, when compared to their large-cap counterparts in the United States.
December 11, 2020, 10:13 AM MST