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
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