During the Petroleum Services Association of Canada’s (PSAC) ’s 2021 Canadian OFS activity forecast event, John Gibson, oil and gas services analyst for BMO Nesbitt Burns, said consolidation in the Canadian market has largely already occurred, and better-positioned OFS firms would prefer to let attrition run its course rather than consolidating competitors in an oversupplied market.
November 23, 2020, 11:01 AM MST
In 2020, PHX Energy Services Corp. expects to spend $27.5 million in capital expenditures, lower than the previously forecasted $30 million.
November 5, 2020, 7:29 AM MST
STEP Energy Services Ltd. has increased its 2020 maintenance capital budget by $2 million to $17.5 million, doing so in response to increased activity in the third quarter and expected activity in the fourth quarter.
November 4, 2020, 5:52 AM MST
Secure Energy Services Inc. anticipates a modest increase in drilling and completion activity in Q4 of 2020 and into 2021 as customers add production to offset natural declines and maintain flat production levels to hold cash flow levels, satisfy reserve-based lending commitments, and take advantage of hedge contracts.
November 2, 2020, 10:16 AM MST
Pipestone Energy Corp. kicked off drilling operations on the 3-12 pad in early September 2020.
September 18, 2020, 8:27 AM MDT
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
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
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
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
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
Pembina Pipeline Corporation is putting a lot of time and effort into improving cost efficiencies and getting projects shovel ready for what it believes will be higher commodity prices beginning late next year, its chief executive said Wednesday.
July 9, 2020, 7:39 AM MDT
Integrated oil companies that sharply reduced their capital budgets in response to the COVID-19 pandemic say they will continue to focus on their balance sheets for the rest of this year although some say spending could rise next year.
July 8, 2020, 7:08 AM MDT
Canadian oilfield services companies had to adjust to COVID-19 and a dramatic drop in oil prices near the end of the first quarter.
June 1, 2020, 6:32 AM MDT
In this week’s guidance, we detail natural gas capital plans, an update on Enbridge Inc.’s Line 3, and the drop in crude-by-rail volumes.
May 27, 2020, 11:31 AM MDT
STEP Energy Services Ltd. has further reduced its 2020 budget to $15.5 million, which is a reduction of 67 per cent from the initial $47 million program.
May 21, 2020, 8:44 AM MDT
While March activity levels declined due to COVID-19 and the low oil prices, CES Energy Solutions Corp. increased its market position in the quarter.
May 19, 2020, 7:28 AM MDT
PHX Energy Services Corp. expects its capital expenditures to total $27.5 million in 2020, as compared to this year’s previously-forecasted spending budget of $30 million.
May 15, 2020, 6:17 AM MDT
The estimated cost of the Heartland Petrochemical Complex (HPC) is now approximately $4 billion, with the majority of incremental costs expected to be incurred in 2021 and 2022, says Inter Pipeline Ltd.
May 7, 2020, 10:13 AM MDT
In response to the current shift in commodity prices, Advantage Oil & Gas Ltd. has lowered 2020 capital guidance to between $130 million and $145 million, with plans to moderate liquids growth and focus spending on the highest rate-of-return investments at Glacier.
May 7, 2020, 7:09 AM MDT
May 6, 2020, 8:33 AM MDT
Precision Drilling Corporation expects the federally-funded $1.7 billion well abandonment and site rehabilitation program to support the well-services business quite nicely but top executives are concerned the funding does little to support the drilling side of oilfield services – a segment experiencing record lows.
May 1, 2020, 6:17 AM MDT
Being the largest service rig company in Canada, CWC Energy Services Corp. said it will be a net beneficiary of the $1.7 billion funding package to the governments of Alberta, Saskatchewan, British Columbia and the Alberta Orphan Well Association (OWA) for well decommissioning and reclamation of abandoned and inactive wells.
May 1, 2020, 6:43 AM MDT
Keyera Corp. is reducing its 2020 capital program following a decision to defer construction of the Key Access Pipeline System (KAPS) for one year.
April 22, 2020, 11:42 AM MDT
Husky Energy Inc. is further reducing capital expenditures and shutting in negative cash margin production as further measures to strengthen its business given market conditions caused by COVID-19.
April 20, 2020, 5:12 AM MDT