While COVID-19 and lower crude prices largely meant reduced capital spending during the second quarter, some Canadian oilfield services firms are seeing investment opportunities in the current business environment.
August 19, 2020, 6 AM MDT
In the Tupper Montney, natural gas production averaged 237 mmcf/d for the quarter, reported Murphy Oil Corporation. No activity occurred in the second quarter, and none is planned for the remainder of 2020.
August 10, 2020, 9:28 AM MDT
Crew Energy Inc. has increased the 2020 exploration and development budget to $75-85 million, reflecting an anticipated 10-day turnaround at the Septimus processing facility and a 30-day turnaround at the McMahon gas plant.
August 10, 2020, 8:59 AM MDT
Unstable market conditions and the industry uncertainty forced Pason Systems Inc. to reduce capital expenditures to $799,000 in the second quarter of 2020 compared to the $4.21 million spent in the comparative quarter in 2019.
August 10, 2020, 12 AM MDT
While there continues to be a chasm between drilling levels in 2020 and the previous two years, there are a few bright spots of activity in the Western Canadian Sedimentary Basin.
August 7, 2020, 12 AM MDT
August 7, 2020, 7:47 AM MDT
Paramount Resources Ltd. has realized significant cost savings in its capital program through its continuing focus on well design, increased efficiencies and lower vendor rates, while not compromising on completion effectiveness.
August 6, 2020, 8:33 AM MDT
August 6, 2020, 7:55 AM MDT
Given the improvement in its business outlook with strengthening oil prices including Canadian crude oil pricing, International Petroleum Corporation says it has decided to “progressively” bring back onstream oil production from its Suffield oil and Onion Lake thermal assets.
August 5, 2020, 10:40 AM MDT
As planned, NuVista Energy Ltd.’s 15 new wells which were drilled and brought onstream in the first quarter are expected to allow it to offset production declines and therefore achieve 2020 average production of 50,000 boe/d without any material capital spending through the remainder of this year.
August 5, 2020, 7:56 AM MDT
Pipestone Energy Corp. has entered into subscription agreements with Riverstone V EMEA Holdings Cooperatief U.A., GMT Capital Corp. and GMT Exploration Company LLC.
August 5, 2020, 10:21 AM MDT
August 5, 2020, 7:59 AM MDT
In light of the current commodity price environment, Obsidian Energy Ltd. has deferred development spending and plans for a reduced second-half 2020 capital expenditure program of approximately $13 million.
August 4, 2020, 10:53 AM MDT
ARC Resources Ltd. is targeting a capital budget of $300 million for 2020 and plans to deploy the majority of the remaining capital to natural gas development activities at Dawson and Sunrise.
July 31, 2020, 12 AM MDT
With changing circumstances, Chris Slubicki, Theresa B.Y. Jang and Mary Hemmingsen have chosen not to stand for re-election and will be stepping down from Bonavista Energy Corporation’s board, effective as of Thursday.
July 31, 2020, 4:48 AM MDT
Husky Energy Inc. reported a second quarter net loss of $304 million compared to net earnings of $370 million during the same period in 2019 as earnings were impacted by the COVID-19-related economic downturn.
July 30, 2020, 10:53 AM MDT
With commodity prices stabilizing after the pandemic-induced collapse, Calfrac Well Services Ltd. expects a slow, steady recovery in field activity in the remainder of 2020. However, it has less clarity on any longer term recovery, company president and chief operating officer Lindsay Link told analysts at the company’s second quarter of 2020 conference call on Thursday.
July 30, 2020, 4:30 PM MDT
For the second quarter, ConocoPhillps curtailed 30,000 bbls/d at Surmont.
July 30, 2020, 6:47 AM MDT
Crescent Point Energy Corp. says its capital expenditures for the year are trending to the lower end of its guidance of $650–$700 million due to expected well cost savings of over 10 per cent in 2020.
July 30, 2020, 11:21 AM MDT
Tervita Corporation’s industrial service line results for Q2 2020 benefitted from the federal government’s $1.7 billion orphan and inactive well abandonment and site rehabilitation program. The company is a prime contractor with Alberta’s Orphan Well Association (OWA) and British Columbia’s Oil and Gas Commission (OGC).
July 30, 2020, 9:21 AM MDT
Seven Generations Energy Ltd. is forecasting lower sustaining capital requirements going forward, predominately driven by enduring cost savings that are now part of its business model.
July 29, 2020, 11:10 AM MDT
Ovintiv Inc. says recent operating results have helped confirm key financial and operating assumptions behind the future "scenarios" the company outlined in May 2020 in response to the COVID-9 pandemic.
July 29, 2020, 11:22 AM MDT
Tourmaline Oil Corp., as planned in the 2020 maintenance capital budget, is currently operating the full 10 rig drilling fleet across Alberta and northeast B.C.
July 29, 2020, 3:18 PM MDT
Due to voluntary shut-in volumes, TORC Oil & Gas Ltd.’s quarterly production averaged 24,905 boe/d, from 28,515 boe/d in the first quarter of 2020 and 28,326 in the second quarter of 2019.
July 29, 2020, 2:32 PM MDT
Western Canadian energy production likely will not return to pre-COVID-19 levels until 2021, due to such factors as drastically-reduced drilling and completion activity this year, capital spending cuts on the shale side and sustainable capital cuts on the oilsands side, says Thomas Liles, senior analyst at Rystad Energy AS.
July 17, 2020, 9:16 AM MDT