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
In anticipation of the expected decline in activity levels, Cathedral Energy Services Ltd.’s management team has implement the following cost cutting initiatives:
April 20, 2020, 5:31 AM MDT
Essential Energy Services Ltd. has reduced its 2020 spending forecast to $2 million from $5 million.
April 16, 2020, 4:03 PM MDT
Kelt Exploration Ltd. has no immediate plans to start up drilling and completion operations on wells that currently remain in its budget until there is better clarity on future commodity prices which have been negatively impacted by global oil demand destruction as a result of the COVID-19 pandemic.
April 9, 2020, 7:17 AM MDT
The last couple of weeks have been busy for Canadian oilfield services companies when it comes to them lowering their capital spending for 2020.
April 7, 2020, 7:20 AM MDT
Trican Well Service Ltd. has reduced its hydraulic fracturing crew count by half to four active crews, with plans to adjust its cement and coiled-tubing business by similar levels, in response to COVID-19 and a Saudi-Russia oil price war impacting customer activity levels. The company expects Q1 severance costs of approximately $4 million.
April 6, 2020, 7:48 AM MDT
STEP Energy Services Ltd. is reducing its 2020 capital program by 50 per cent to $23.5 million in response to the rapidly-deteriorating business conditions brought on by COVID-19 and the Saudi-Russia oil price war, which caused a material decline in commodity prices globally, resulting in expected spending-plan reductions for clients.
April 2, 2020, 7:10 AM MDT
Tervita Corporation is reducing its 2020 capital budget to $60 million, down 29 per cent from its previously-announced budget, in response to less customer spending in light of COVID-19 and collapsing global oil prices. The company is also reducing its staff as part of efforts to reduce fixed costs.
April 1, 2020, 7:30 AM MDT
Calfrac Well Services Ltd. has lowered its 2020 capital program to $55 million from $100.5 million.
March 30, 2020, 12 AM MDT
Secure Energy Services Inc. will reduce its 2020 capital program by $20 million, or 25 per cent, from the amount previously announced.
March 25, 2020, 6:57 AM MDT
Suncor Energy Inc.’s revised capital program is expected to be between $3.9 and $4.5 billion, a $1.5 billion or 26 per cent decrease compared to the original 2020 capital guidance midpoint.
March 24, 2020, 12 AM MDT
Precision Drilling Corporation is reducing its 2020 capital spending plan by roughly 50 per cent to $48 million in response to less expected demand as customers reduce spending due to lower-than-anticipated commodity prices, with further adjustments throughout the year depending on activity levels.
March 24, 2020, 7:40 AM MDT
Ensign Energy Services Inc. is lowering its 2020 spending plan to $60 million from $100 million.
March 23, 2020, 7:51 AM MDT
As shown in the last two weekly POST reports, producers have been busy pulling back on planned drilling projects recently, as COVID-19 demand destruction and the ongoing Russia-Saudi oil price war impedes the industry.
March 20, 2020, 8:34 AM MDT
March 19, 2020, 2 PM MDT
The historic resilience and stability of Enbridge Inc.’s operating assets will enable the company to withstand today’s challenging environment, says its chief executive.
March 18, 2020, 9:17 AM MDT
Enerflex Ltd. has significantly changed its growth plans for the year in response to uncertainty caused by the COVID-19 pandemic and recent market volatility.
March 18, 2020, 8:02 AM MDT
In response to the COVID-19 pandemic and the recent significant decline in global energy prices, Pembina Pipeline Corporation has announced an overall reduction of $900 million to $1.1 billion (about 40 to 50 per cent) in its 2020 capital spending plans.
March 18, 2020, 10:28 AM MDT
Oilfield service companies must take good care to withstand 2020 given coronavirus pandemic-led oil demand destruction and the latest oil-price war between the Russians and Saudi Arabians, says Audun Martinsen, head of oilfield service research at Rystad Energy AS.
March 17, 2020, 6:50 AM MDT
Keyera Corp. says it takes a long-term view of its business and remains committed to its strategy of delivering steady disciplined growth to create long-term value for shareholders.
March 16, 2020, 11:26 AM MDT
Producers in Canada chopped greater than $2 billion off their 2020 budgets this week in a swift response to the Saudi-Russia price war that erupted over the weekend.
March 13, 2020, 6:15 AM MDT
Total Energy Services Inc. has suspended its dividend and slashed spending plans by more than half in light of “global economic uncertainty and market volatility” compounded by increasing concerns over the potential economic impact of the coronavirus and recent turmoil in global oil markets.
March 13, 2020, 10:32 AM MDT