Suncor Energy net loss just over $3.5 billion in the first quarter of 2020

COVID‑19 has led to an unprecedented decline in demand and a significant oversupply of crude oil resulting in a substantial decline in crude oil prices

Suncor Energy net loss just over $3.5 billion in the first quarter of 2020Suncor Energy reported a net loss was $3.525 billion ($2.31 per common share) in the first quarter of 2020 compared to net earnings of $1.470 billion ($0.93 per common share) in the prior year quarter. Suncor said its first quarter 2020 operating loss was $309 million ($0.20 per common share), compared to operating earnings of…

Precision Drilling sees net loss of $5 million in first quarter of 2020

"We expect a significant and sustained reduction in customer demand for oil and gas services well into next year."

Precision Drilling sees net loss of $5 million in first quarter of 2020Precision Drilling reported Thursday a net loss of $5 million in the first quarter of this year compared to net earnings of $25 million in the comparable 2019 period. The company also said its revenue of $379 million was down 13 per cent from a year ago. “The COVID-19 virus outbreak and associated mitigation efforts,…

Oil prices collapse into negative territory for first time

"We simply cannot afford to see that industry permanently impaired," said Alberta Premier Jason Kenney at a news conference

Oil prices collapse into negative territory for first timeHistory was set on Monday as for the first time ever the benchmark North American oil price - West Texas Intermediate - fell into negative territory, trading at one point for a minus $37.63 US per barrel. “This brow-raising result can be attributed to technical factors intersecting with near-term storage capacity issues. In simple terms,…

$1.7 billion federal package for abandoned oil and gas wells

“More support is needed to deal with the crisis in Canada’s energy sector, but this is a great first step," said Alberta Premier Jason Kenney

$1.7 billion federal package for abandoned oil and gas wellsPrime Minister Justin Trudeau announced Friday the federal government would spend $1.7 billion on cleaning up abandoned oil and gas wells in Alberta, Saskatchewan and British Columbia.  He also announced a $750 million Emission Reductions Fund, including $75 million to help the offshore oil industry. The Canadian Association of Petroleum Producers (CAPP) said the announcement…

Energy firms report dramatic increase in financial stress

On average, companies had revised their 2020 capital spending plans down 30 percent compared with 2019, says Bank of Canada survey

Energy firms report dramatic increase in financial stressA Bank of Canada survey in mid-March indicates many Canadian oil and gas firms are facing financing and liquidity issues as a result of low oil prices forcing them to reduce costs and operations. "The majority of firms viewed the current oil price shock as worse than the episodes of significant oil price declines in 2008…

Athabasca Oil cutting corporate staff by 15%

Significant decline in oil prices combined with the economic uncertainty associated to the ongoing COVID crisis, says the company

Athabasca Oil cutting corporate staff by 15%Athabasca Oil Corporation is reducing its corporate staff count by 15 per cent and suspending its Hangingstone SAGD operation "due to the significant decline in oil prices combined with the economic uncertainty associated to the ongoing COVID crisis." "This suspension was initiated on April 2, 2020 and will involve shutting in the well pairs, halting…

Cenovus slashing capital spending by 43%

Move “to enhance its financial resilience in response to the low global oil price environment that is expected to continue for an unknown period.”

Cenovus slashing capital spending by 43%Cenovus Energy Inc. is slashing its 2020 capital spending by a total of $600 million or 43 per cent “to enhance its financial resilience in response to the low global oil price environment that is expected to continue for an unknown period.” The company also announced Thursday it is forecasting operating cost reductions of about…

Many of Canada’s energy companies are at risk

Saudi Arabia and Russia have embarked on a price war that has brought oil prices down to rock bottom levels, says Conference Board of Canada

Many of Canada’s energy companies are at riskOn Monday, the price of Western Canada Select oil fell to a record low of below US$4 a barrel and that continues to raise concerns about the energy sector which is being hit hard these days. “In the midst of a global collapse in demand for oil, Saudi Arabia and Russia have embarked on a…

Dire situation for Western Canadian oil

Recouping Alberta's 7.7 per cent 2015–16 real GDP contraction by mid-2020 is now highly unlikely, according to Scotiabank report

Dire situation for Western Canadian oilThe situation is dire for Western Canadian oil amid the current oil price war between Russia and Saudi Arabia, says the latest Scotiabank Commodity Price Index report. The report said the Western Canada Select benchmark price recently fell below $4 USD/bbl—an all-time low.  “Thus far, US Gulf Coast refiners have been able to maintain decent…

Alberta government invests $1.5 billion in Keystone

“We cannot wait for the end of the pandemic and the global recession to act. There are steps we must make now to build our future."

Alberta government invests $1.5 billion in KeystoneThe Alberta government is investing $1.5 billion  in the Keystone XL (KXL) pipeline project to accelerate construction, ensuring it is operational by 2023. It announced Tuesday it has finalized an agreement with Calgary-based TC Energy Corporation to provide financial support to accelerate construction of the KXL pipeline starting April 1. This investment will include $1.5…