Oil & Gas
Oil producers sustaining billions of dollars in asset impairments
Husky CEO says supply and demand will collide “in a very messy way” this quarter.
No short term end to oil price slump hitting Alberta: premier
Kenney says reduced demand for oil and gas during the pandemic, coupled with a destructive price war between Saudi Arabia and Russia, has left the world awash in oil
Trans Mountain, LNG Canada on track despite pandemic
Energy economist says the long-term forecast for both natural gas and oil remains steady.
China buys crude as prices collapse, adding to stockpiles
Gives Beijing a chance to insulate the country against possible supply disruptions.
Alberta’s failed oil and gas bailout a warning to feds: report
Says $1.1 billion invested in small and midsize oil and gas companies – one went bankrupt, more likely to follow as share prices tank.
Energy sector shutting down oil production as low crude oil prices persist
More producers join a growing list of companies reducing spending and cutting production.
Plunging oil prices point to ‘deep collapse’ in sector: drilling firm CEO
Kevin Neveu of Precision Drilling says spending on oil and gas exploration will fall even further from already-depressed levels because of pricing signals.
Husky cuts production by 80,000 bpd, Canadian total 365,000 bpd
Also cutting $700 million in capital budget, second reduction following an earlier cut of $900 million and $100 million in other spending.
Negative oil price plunge a short term anomaly, limited impact: analysts
Drop in West Texas Intermediate near-month contract prices below negative US$37 per barrel is due to unique circumstances.
Oilpatch bailout focuses on abandoned wells cleanup, reduced emissions
Government plans to spend $1.7 billion in Alberta, Saskatchewan and British Columbia.
Tribes press judge to halt US Canada pipeline as work starts
Plans for construction camps housing up to 1,000 workers each cited as a risk to tribes struggling with basic health care services amid potential COVID-19 outbreaks.
Freeze carbon tax, delay new climate regs during virus crisis: CAPP
Cites need to maintain safe and essential operations as industry follows health guidelines, environment critics see an attempt to curb environmental regulations.
US judge cancels permit for Keystone XL pipeline from Canada
Said the US Army Corps of Engineers failed to adequately consider effects on endangered species such as pallid sturgeon.
Canadian oilpatch cutbacks to continue despite OPEC deal
Doesn’t match the reduction in demand caused by measures taken to deal with the COVID-19 pandemic.
Deal to cut global oil production finalized, welcomed in Canada
Agreement between OPEC, Russia and other countries follows a glut that sent prices plunging.
Canada won’t tip hand on possibility of import tariffs on Saudi oil
Kenney wants a continental energy policy to help North America fight what he says are predatory pricing practices.
Alberta smartphone plan to enforce quarantines raises privacy questions
One plank of a “relaunch strategy” to get COVID-19 under control so economic activity can resume.
Energy company OK with Canada joining oil supply pact
Canadian Natural Resources president Tim McKay says the solution is acceptable as long as it is “broad-based” and fair to all participants.
Work starts in Montana on disputed Canada US oil pipeline
Project has been tied up for years in legal battles and several court challenges are still pending.
Parkland Fuel nears completion of maintenance at BC refinery
Will take two-weeks to reach full operational capability with additional safety measures taken due to COVID-19.
Cryopeak LNG Solutions breaks ground on new LNG production facility
First fully funded and permitted LNG production facility in the Fort Nelson, BC area.
Oilpatch workers face pay cuts, layoffs as companies react to low prices
Current downturn has hit the Calgary-based oilfield services sector hardest.
TC Energy enlists Alberta to help finish US$8B Keystone XL project
Province has agreed to invest about $1.5 billion as equity in the pipeline.
Big energy’s interest in renewable energy investments expected to waver
Report says that won’t likely slow overall investment; fossil fuel players weren’t putting much money into it anyway.
Woodfibre LNG delayed a year, virus slows component deliveries
The company is applying for a five-year extension to its environmental certificate which expires in October.
Suncor cuts $1.5B from budget to cope with low oil prices, virus impact
Cuts follow billions in spending reductions by other major oil sands players.
Canadian Natural cuts spending, as more producers trim capital plans
Will also cut CEO and other executive salaries and board members have agreed to cut their fees.
Pembina Pipeline cuts capital spending plan by up to $1.1B
Anticipating a revised 2020 capital budget of between $1.2 billion and $1.4 billion.
Spring breakup slowdown offers needed pause for hard hit drilling industry
Drilling will be reduced even more than usual: 31% decline forecast for average working rig count in Canada for the rest of 2020.
TC Energy starts US prep work for Keystone XL pipeline
Clearing a path through US states along the pipeline’s 1,930-kilometre route to begin soon.
Cenovus cuts 2020 capital spending plan, lowers production guidance
Now plans up to $1 billion this year, down from earlier plans for between $1.3 billion and $1.5 billion.
Oil price crash: what does it mean for Canada?
The turmoil is already affecting Canadian companies and consumers.