October 30, 2020, 7:45 AM MDT
In Q3 2020, Cenovus Energy Inc. increased its oilsands production and overall sales in response to higher prices, while also maintaining a low operating and capital cost structure and deleveraging the balance sheet.
October 29, 2020, 11:04 AM MDT
A need to lower the cost base for industry has been the “big driver” for Husky Energy Inc.’s recent moves on the M&A front, says the company’s chief executive.
October 29, 2020, 11:33 AM MDT
Despite the challenges brought about by COVID-19, TC Energy Corporation assets have been largely unaffected with flows and utilization levels across its North American operations generally remaining in line with historical and seasonal norms, the company said today in releasing third quarter 2020 results.
October 29, 2020, 9:27 AM MDT
Western Energy Services Corp. saw revenue fall 71 and 50 per cent for the three and nine months ended Sept. 30, 2020, respectively, to $13.44 million and $76 million, as COVID-19 had a significant impact on customer demand and utilization of both drilling and service rigs.
October 27, 2020, 8:37 AM MDT
Precision Drilling Corporation typically enjoys a large market share of the oilsands coring work, but given lower oil prices, this season is starting out a bit slow, says top brass, with customers likely waiting in case they can get better bids on their oil later in the season.
October 26, 2020, 10:12 AM MDT
In Canada, the most active drilling rigs belong to just five drilling companies, says Kevin Neveu, president and chief executive officer of Precision Drilling Corporation. Therefore, when rationalization occurs in this segment of the energy sector, it will start with smaller companies cannibalizing rigs that are non-marketable.
October 23, 2020, 7:16 AM MDT
Trucking and logistics company Mullen Group Ltd. has recalled most of its employees but its overall workforce level remains lower than pre-COVID, says its president and chief executive officer.
October 23, 2020, 10 AM MDT
Precision Drilling Corporation’s third-quarter results reflect better-than-anticipated financial performance driven by excellent field performance and cost controls throughout the organization, says top brass.
October 22, 2020, 7:58 AM MDT
October 21, 2020, 1:03 PM MDT
CES Energy Solutions Corp. responded to falling activity levels and pricing pressure by rationalizing costs and headcount in Canada and the U.S. during the second quarter, as well as implementing numerous cost-cutting measures with respect to discretionary spending, compensation, and travel and entertainment expenses.
August 17, 2020, 7:01 AM MDT
STEP Energy Services Ltd. says it is seeing some of its clients resume work programs, and with client activity resuming later in the second quarter and early third quarter, it has been able to reactivate some equipment.
August 17, 2020, 9:38 AM MDT
The reduction in global oil demand put a large dent in Bri-Chem Corp.’s sales in the second quarter of 2020.
August 17, 2020, 10:40 AM MDT
Second quarter 2020 revenues for Cathedral Energy Services Ltd. of $8.84 million were down 73 per cent from $32.55 million in the comparable 2019 period.
August 17, 2020, 11:12 AM MDT
Demand for diesel and gasoline from the Prince George Refinery has increased dramatically in the last 60 days and demand currently is outpacing production, Tidewater Midstream and Infrastructure Ltd.’s chief executive said Thursday.
August 14, 2020, 9:25 AM MDT
Horizon North Logistics Inc., which will be changing its name in the near-term, has reinstated its quarterly dividend at 7.5 cents per share as the company reported revenue and earnings increases for Q2 2020 — a quarter that saw a ‘reverse takeover’ for the company.
August 12, 2020, 10:52 AM MDT
Add Total Energy Services Inc. to the long list of Canadian oilfield service companies that were walloped financially by COVID-19, as the company recorded a dramatic decline in revenue in the second quarter of 2020.
August 12, 2020, 9:53 AM MDT
While the company is preparing for a Canada Emergency Wage Subsidy (CEWS) reduction, Horizon North Logistics Inc. still expects to receive more than $2 million for the four-week period ended Aug. 1.
August 12, 2020, 3:42 PM MDT
NCS Multistage Holdings, Inc.’s headcount was reduced in the U.S. and Canada by approximately 190 people, furloughs were implemented for certain employees in field operations and engineering roles, and there were reductions to salaries and hourly rates for substantially all remaining employees, including reductions in salaries for executives averaging 20 per cent.
August 11, 2020, 3:50 PM MDT
For the remainder of the third quarter, Essential Energy Services Ltd. is anticipating lower demand for its services.
August 11, 2020, 9:24 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
Pembina Pipeline Corporation’s physical volumes reached second-quarter lows in early May, at levels roughly down 16 per cent from average levels in the prior two quarters — a decrease of about 135,000 bbls/d due to producer shut-ins and advancement of turnarounds and maintenance work.
August 7, 2020, 11:17 AM MDT
In 2020, PHX Energy Services Corp. expects to spend $27.5 million in capital expenditures. This was earlier lowered from $30 million.
August 6, 2020, 7:37 AM MDT
Trican Well Service Ltd. improved on its net loss in Q2 2020 despite a revenue decline, mostly due to cost-reduction strategies made late in Q1, efficiency improvements made through the last several quarters as part of a business-optimization program, as well as government assistance programs relating to the ongoing pandemic.
July 31, 2020, 10:53 AM MDT
CWC Energy Services Corp. continues to pursue cash saving initiatives to preserve cash resources and maintain balance sheet strength, as well as retain key employees, as the duration of negative impacts due to COVID-19 remain uncertain, says the company in its second quarter release.
July 31, 2020, 7:31 AM MDT