Tag: Financial
Upstream companies shift focus from survive to thrive in 2018 – Wood Mackenzie
Upstream sector puts price collapse behind it, primed to build for future Oil and gas companies are set to enter 2018 in their best shape since oil prices collapsed. In its 2018 Upstream Outlook, global natural resources consultancy Wood Mackenzie believes many will now focus on demonstrating they can thrive at low prices. “Now that the […]
Suncor to increase production in 2018 while capital spending drops $750 million
Oil sands cash costs per barrel are $23-26 dollars Suncor released its 2018 corporate guidance today which includes a capital program of between $4.5 and $5.0 billion and average upstream production of 740,000 to 780,000 boe/d, according to a press release. The midpoints of these ranges represent a year over year production increase of more […]
Pengrowth transforms into thermal oil, Montney gas focused company
Pengrowth expects total thermal oil production to exceed 50,000 bbl per day Pengrowth Energy Corporation announced its third quarter 2017 financial and operating results and the completion of its strategic objective of focusing its asset base to its two growth assets, Lindbergh and Groundbirch, according to a press release. Pengrowth’s long-term development plan is centered on […]
Alberta energy brief: Pengrowth sells $827 million of asset of assets to reduce debt
Pengrowth re-focuses on 100%-owned core areas, Birchcliffe reduces debt in order to fund capex Pengrowth closes significant asset sales Pengrowth Energy Corp.’s Q2 2017 financial report highlights asset sales, as well as reductions to outstanding debt and cost structures, the company announced in a press release. Since the start of 2017, Pengrowth closed $827 […]
Alberta brief Aug 3: 7 Generations, CNRL continue strong performance in low price environment
Also in brief: CNRL delivers strong 2nd quarter results, Kinder Morgan Canada launches $200 million bought deal preferred share offering Seven Generations Energy Ltd.continued its strong financial and operating performance in second quarter of 2017, generating funds from operations of $268.1 million, or 73 cents per share, up 36 and 11 per cent compared to […]
Expect oil & gas ‘3 R’s’ in 2017: Restructuring, realignment, rebuilding
Study notes some companies hope to “grow” their way out of debt problems; strategy likely unrealistic Though the overall outlook for the oil and gas industry doesn’t seem to be quite as dire as it was a year ago, 2017 is likely to be a year of “3 R’s” for industry players — a year […]
As OPEC looms, hedge funds more cautious on oil: Kemp
Donald Trump presidency biggest source of uncertainty since his policies remain almost entirely obscure By John Kemp LONDON (Reuters) – Hedge funds have taken a more cautious stance on oil prices amid a flurry of diplomatic activity aimed at securing a production-limiting deal among OPEC members by the end of the month. The funds cut […]
American Midstream merging with JP Energy creating $2 billion company
HOUSTON – American Midstream Partners, LP and JP Energy Partners LP announced a merger agreement to create a combined midstream platform, according to a press release. American Midstream will acquire 100 per cent of JP Energy in a unit-for-unit merger which is anticipated to have minimal, if any, tax recognition for the unitholders. In conjunction with the transaction, ArcLight […]
Anadarko Petroleum cuts 2016 capex by $2.5 billion in Permian, D-J basins
Anadarko planning to monetize $3 billion in assets in 2016 Anadarko Petroleum Corporation says it is cutting back in West Texas and the Denver-Julesberg basin while it waits for a more “compelling price environment.” “In 2016, we will continue our disciplined and focused approach, preserving and building value by leveraging our best-in-class capital allocation, enhancing operational efficiencies […]
Helix Energy: Q4 $403 million loss due to reduced offshore drilling
Helix Energy’s well intervention vessel utilization in Q4 2015 decreased to 47% from 60% in Q3 2015 Helix Energy Solutions Group, Inc. reported a net loss of $403.9 million, or $(3.83) per diluted share, for Q4 2015 compared to net income of $8. million, or $0.08 per diluted share, for the same period in 2014 and net income of $9.9 […]
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