Canadian industries see another decline in capacity

The capacity utilization rate in the mining, quarrying, and oil and gas extraction sector was unchanged at 77.8 per cent in the first quarter

Canadian industries see another decline in capacityCanadian industries operated at 79.8 per cent of their capacity in the first quarter, down from 81.4 per cent in the previous quarter, said a Statistics Canada report, adding it was the third consecutive quarterly decline. This decline was because of the slowdown in most sectors caused by physical distancing measures implemented in response to…

Capital spending dives in Alberta’s oil and gas industry

Low energy prices, market access constraints, and higher-efficiency wells led to less capital spent on drilling programs

Capital spending dives in Alberta’s oil and gas industryTotal capital expenditures in Alberta's oil and gas sector decreased by an estimated 31 per cent to $18.9 billion in 2019, according to a new report by the Alberta Energy Regulator. It said low energy prices, market access constraints, and higher-efficiency wells led to less capital spent on drilling programs. Several larger oil sands producers…

CAPP seeking federal government support for industry

CAPP said the oil and natural gas sector is Canada's largest industry, generating more than $100 billion in gross domestic product (GDP) annually

CAPP seeking federal government support for industryThe Canadian Association of Petroleum Producers is calling on the federal government to support the industry to attract investment, advance environmental leadership and encourage innovation. In a news release on Thursday, the association said its recommendations to the federal government include: A visible government commitment to work with the oil and natural gas industry to…

Crude oil production slowly ramping up in Canada

Decrease in oil sands extraction, which includes crude bitumen and synthetic crude oil, down 1.9 per cent to 478.6 thousand cubic metres

Crude oil production slowly ramping up in CanadaCanada produced 23.7 million cubic metres (148.9 million barrels) of crude oil and equivalent products in March, up 3.5 per cent from March 2019, when ongoing government-imposed production cuts limited crude output in Alberta, according to a report released Wednesday by Statistics Canada. Over the past year, crude production has been slowly ramping up due…

Alberta to experience worst economic recession on record

Real GDP in Alberta will contract 6.8 per cent in 2020, making its economy the worst-hit province in the country this year

Alberta to experience worst economic recession on recordAlberta will have to brace for a historic economic decline this year caused by the COVID-19 crisis and the low oil price environment, says a report by the Conference Board of Canada. “The Great Lockdown has dramatically shifted the economic landscape around the world. But in Canada, the impact has been most severe in Alberta.…

Open letter from CEOs of Oil and Gas Climate Initiative on COVID

"The Covid-19 crisis is further crystallizing our focus on what is essential: health, safety and protection of the environment," said the letter

Open letter from CEOs of Oil and Gas Climate Initiative on COVIDThe CEOs of the Oil and Gas Climate Initiative, representing major corporations around the world, have issued an open letter on concerns they have heard that the COVID-19 crisis may push oil and gas companies - and governments around the world - to delay climate action. "The reality is that rather than shifting our priorities,…

Enbridge sees $1.43 billion loss attributable to common shareholders in Q1

After a comprehensive review of its operating expenditures, the company plans to reduce 2020 costs by approximately $300 million

Enbridge sees $1.43 billion loss attributable to common shareholders in Q1Enbridge announced Thursday it had adjusted earnings of $1.668 billion or $0.83 per common share for the first quarter of 2020, compared with $1.640 billion or $0.81 per common share in 2019. But it had a loss of about $1.43 billion attributable to common shareholders compared with $1.9 billion in earnings a year ago. "Our responsibility to deliver energy safely and…

Canadian Natural Resources net lost surpasses $1.2 billion in Q1 2020

The company has reduced its targeted capital expenditures by approximately $1.4 billion in 2020 from the original budget announced in December 2019

Canadian Natural Resources net lost surpasses $1.2 billion in Q1 2020Canadian Natural Resources Ltd. announced Thursday it had a net loss of $1.282 billion in the first quarter of this year compared with net earnings of  $961 million in the same period in 2019. "Through the first quarter of 2020 and in response to the outbreak of the novel coronavirus, we have taken proactive and…

Murphy Oil closing its Calgary office, home to 110 employees, amid drop in crude oil prices

"We have taken several actions to significantly reduce costs, including cutting this year’s capital expenditures by approximately 50 per cent"

Murphy Oil closing its Calgary office, home to 110 employees, amid drop in crude oil pricesMurphy Oil Corporation announced on Wednesday it is closing its Calgary office, home to about 110 employees, and its El Dorado, Arkansas legacy headquarters office, home to about 80 employees, to consolidate all worldwide staff activities to its existing office location in Houston, Texas as the new corporate headquarters.  The move came because of the "extraordinary…

Net loss of $746 million in first quarter of 2020 for Obsidian Energy

The demand destruction caused by the COVID-19 and the potential supply increase from the OPEC+ price war has caused a significant decrease in oil prices

Net loss of $746 million in first quarter of 2020 for Obsidian EnergyObsidian Energy reported Wednesday its net loss was $746 million during the first quarter of 2020 and was due to $763 million of non-cash, property, plant and equipment (PP&E) impairments resulting from lower forecasted commodity prices. It said impairment losses related to PP&E may be reversed in future periods if commodity prices forecasts improve.  The loss compares…