The current oil price differentials are impacting the Canadian oil and natural gas industry in unprecedented ways. The price of Western Canadian Select (“WCS”) hit a recent low in the second half of 2018, dipping below US$14 per bbl.
November 28, 2018, 7:21 AM MST
Explorers and Producers Association of Canada (EPAC) members currently estimate more than 150,000 bbls of oil production in Alberta has been shut-in due to the uneconomic price environment, with a significant amount of additional oil production to be shut-in if the current price differential environment persists for an extended period of time.
November 27, 2018, 8:24 AM MST
November 27, 2018, 3:22 AM MST
Prime Minister Justin Trudeau offered no short-term fix for the Western Canadian Select (WCS) differential blowout as he headed into a meeting with oil industry officials on Thursday in Calgary.
November 23, 2018, 3:27 AM MST
If the federal government isn’t prepared to help the Alberta government buy rail cars to help get oil to market, the province is prepared to go it on its own, Alberta Premier Rachel Notley said Thursday.
November 23, 2018, 3:33 AM MST
As the differential remains historically wide, and pipeline capacity tight, Canadian crude-by-rail exports continue surging.
November 22, 2018, 12 AM MST
Oil price trouble has overtaken a technology billed as a cure for the Canadian petroleum headaches of high costs, GHGs, pipeline setbacks and conflict with Indigenous communities.
November 20, 2018, 6 AM MST
The implied value of Western Canadian Select (WCS) closed below $14 on Thursday.
November 16, 2018, 3:29 AM MST
November 16, 2018, 3:37 AM MST
November 15, 2018, 9:29 AM MST
Pan Orient Energy Corp. continues to work with joint venture partners to move forward towards potential commercial expansion to 3.200 bbls/d at the Sawn Lake, Alberta steam assisted gravity drainage (SAGD) project (in which Andora Energy Corporation has a 50 per cent working interest and is the operator).
November 15, 2018, 10:27 AM MST
While the historically-wide differentials witnessed recently between Western Canada Select (WCS) and West Texas Intermediate (WTI) have begun to narrow in recent days, tanking benchmark crude prices are putting further hurt on Canadian producers.
November 14, 2018, 6:37 AM MST
November 12, 2018, 10:25 AM MST
Canadian heavy oil producers shutting in production are making a dent in the basin’s oversupply. Approximately 122,000 bbls/d will be taken off line in November and December, according to DOB estimates. This compares to the total oversupply of 200,000 bbls/d, as reported by ARC Financial.
November 9, 2018, 6:43 AM MST
In response to weak prices and vast differentials for Canadian heavy crude, Devon Energy Corporation has curtailed output from its Jackfish SAGD complex by about 25,000 bbls/d, company officials said this morning.
November 7, 2018, 11:24 AM MST
Gibson Energy Inc. is taking advantage of market opportunities while being realistic about what is good for the industry.
November 7, 2018, 10:48 AM MST
Development of the East Duvernay shale light oil has taken an important step forward with two new light oil discovery wells in the Pembina area in central Alberta, says Baytex Energy Corp.
November 5, 2018, 10:09 AM MST
Crew Energy Inc.’s third quarter volumes of 23,680 boe/d were ahead of the midpoint of the company’s quarterly guidance and were two per cent higher than the same period in 2017, reflecting volumes from new wells completed late in the second quarter.
November 5, 2018, 9:23 AM MST
November 2, 2018, 9:35 AM MDT
November 2, 2018, 9:06 AM MDT
Because of challenges associated with historically wide differentials and lack of egress out of Western Canada, Canadian Natural Resources Limited says it will continue to make “strategic decisions” to reduce drilling activity, delay well completions and shut-in production.
November 1, 2018, 11:20 AM MDT
October 26, 2018, 10:35 AM MDT
There was some little noticed good news for Canadian heavy oil and bitumen producers last week, who have been struggling with record higher differentials between prices for West Texas Intermediate (WTI) oil and Western Canada Select (WCS) heavy crude — and it came, literally, out of left field.
October 22, 2018, 9:47 AM MDT
The heavy oil differential widened against the WTI benchmark in September and has continued to expand in October.
October 3, 2018, 6 AM MDT
October 2, 2018, 3:43 AM MDT