Western Canadian rig activity started the year strong, but heading into spring breakup it has cratered and a quick recovery is unlikely as the Saudi/Russian oil price war, lower demand as a result of the COVID-19 outbreak, and the concomitant reductions in producer capital budgets should keep activity muted in Q2 and Q3.
March 27, 2020, 8:40 AM MDT
Drilling rig activity in Western Canada and the Top 10 active operators as of March 27, 2020, as reported this morning by Rig Locator.
March 27, 2020, 11:26 AM MDT
In response to the current global environment and lower anticipated customer demand, Horizon North Logistics Inc. is taking a series of steps to mitigate negative impacts, including reducing its sustaining capital spending by 38 per cent to $13 million, which includes a pause on mat manufacturing.
March 27, 2020, 7 AM MDT
Operators drilled close to four million metres of hole across Canada (excluding experimental wells) in the first two months of 2020, up nearly 25 per cent from a year ago, before the effects of the coronavirus and the OPEC/Russia price war started to influence drilling plans.
March 26, 2020, 9:33 AM MDT
March 26, 2020, 8:07 AM MDT
Drilling rig activity in Western Canada and the Top 10 active operators as of March 26, 2020, as reported this morning by Rig Locator.
March 26, 2020, 11:42 AM MDT
Precision Drilling Corporation received formal notice of non-compliance with the New York Stock Exchange share price continued listing standards, which require a listed common stock to maintain a minimum average closing price of US$1 per share for 30 consecutive trading days. In response, Precision intends to satisfy all of the specified requirements to cure the deficiency.
March 26, 2020, 7:40 AM MDT
For those used to an office setting, working from home during the ongoing COVID-19 pandemic brings a whole new set of challenges, including difficulties separating work life from home life.
March 25, 2020, 12 AM MDT
In regular times, Horizon North Logistics Inc. supplies workforce accommodations, camp management services, access solutions, and maintenance to Canada’s oil and gas industry. For example, the first 536 beds of its Crossroads Lodge in Kitimat were operational by year-end 2019, with the full 736-bed facility operational in Q1 of this year.
March 25, 2020, 7:43 AM MDT
Drilling rig activity in Western Canada and the Top 10 active operators as of March 25, 2020, as reported this morning by Rig Locator.
March 25, 2020, 11:39 AM MDT
March 25, 2020, 8:51 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
A flurry of announced capital budget cuts from Canadian-based producers have totalled nearly $6.25 billion in reductions over the past few weeks as operators responded to an oil market that was hammered by the COVID-19 outbreak and the oil price war between Saudi Arabia and Russia.
March 24, 2020, 11:04 AM MDT
The federal government needs to take bold and unprecedented action to keep the Canadian economy from a complete collapse, starting with ensuring the future of its largest industry, the beleaguered energy sector, says Alberta Premier Jason Kenney.
March 24, 2020, 7:31 AM MDT
Drilling rig activity in Western Canada and the Top 10 active operators as of March 24, 2020, as reported this morning by Rig Locator.
March 24, 2020, 11:37 AM MDT
March 24, 2020, 10:20 AM MDT
High Arctic Energy Services Inc. has appointed Mike Maguire as chief executive officer effective immediately.
March 24, 2020, 3:45 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
March 24, 2020, 10:44 AM MDT
Drilling rig activity in Western Canada and the Top 10 active operators as of March 23, 2020, as reported this morning by Rig Locator.
March 23, 2020, 11:34 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
Mullen Group Ltd. says it will temporarily suspend the monthly dividend of five cents/common share for three months, effective April 1, 2020.
March 23, 2020, 9:20 AM MDT
For all of the challenges facing the energy sector, occupational health and safety during a global pandemic is likely one all parties can agree should be a key focus, says Gary Mar, president and chief executive officer of the Petroleum Services Association of Canada (PSAC). Quite simply: “job one” for OFS companies is employee well-being.
March 20, 2020, 7:54 AM MDT
Oilfield service companies often rely on workers brought in from across North America, says Werner Antweiler, which is of particular concern for the Canadian oil in gas industry given the Canada-U.S. border is partially closing.
March 20, 2020, 11 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