Capital spending in Alberta’s oilpatch continues to decline

While still significant at $16.6 billion, this year’s spending will be 30 per cent (-$7.1 billion) below the amount spent in 2019 and 58 per cent (-$228 billion) below the 10-year average

Capital spending in Alberta’s oilpatch continues to declineCapital spending in Alberta’s oil and gas extractions sector in 2020 will be the lowest it has been since at least 2006 when the current data series began, according to a report by ATB Financial’s Economics & Research Team. “While still significant at $16.6 billion, this year’s spending will be 30 per cent (-$7.1 billion)…

CNRL acquiring Painted Pony Energy

Acquisition consists of a cash consideration of $0.69 per share and it will also assume Painted Pony’s total debt of approximately $350 million

CNRL acquiring Painted Pony EnergyCanadian Natural Resources Limited has entered into an agreement to acquire Painted Pony Energy Ltd.  In a news release, CNRL said the acquisition consists of a cash consideration of $0.69 per share and it will also assume Painted Pony’s total debt of approximately $350 million.  CNRL said Painted Pony’s land and production are located within…

TC Energy sees hike in net income in Q2

Company announced Thursday it has approved the $400 million US Elwood Power Project/ANR Horsepower Replacement

TC Energy sees hike in net income in Q2TC Energy Corporation announced Thursday net income attributable to common shares for second quarter 2020 of $1.3 billion or $1.36 per share compared to net income of $1.1 billion or $1.21 per share for the same period in 2019.  In a news release, it said for the six months ended June 30, net income attributable…

Husky Energy Q2 net loss reaches $304 million

The company had net earnings of $370 million in the second quarter of 2019

Husky Energy Q2 net loss reaches $304 millionHusky Energy reported Thursday it had a net loss of $304 million in the second quarter of this year compared to net earnings of $370 million in the second quarter of 2019. In a news release, the company recorded funds from operations of $18 million in the second quarter. Cash flow from operating activities, which…

Canadian drilling forecast decreased again

Activity levels are at lows not seen in decades and are taking their toll on a sector that was in its sixth year of a downturn when COVID-19 hit

Canadian drilling forecast decreased againThe Petroleum Services Association of Canada (PSAC) has decreased its forecasted number of wells to be drilled (rig released) across Canada for 2020 from 3,100 (April 2020 revision) to 2,800 wells drilled. The association said it is basing its updated 2020 Forecast on average natural gas prices of $2.00 CDN/mcf (AECO), crude oil prices of…