Oil downturn shouldn’t last as long this time around: University of Calgary CALGARY _ Thirty years ago, shoulder pads were all the rage, Molly Ringwald was a rising teen movie star and an oil downturn was wreaking economic havoc. At least one of those will feel familiar to those working in the oil and gas industry […]
University of Calgary report: How does 2015 oil downturn compare to the 1985 crash? Read More »
“We are fully engaged in debt reduction efforts” – Rick Muncrief, WPX Energy CEO TULSA, Okla .- WPX Energy announced today that it has completed the sale of a North Dakota gathering system for approximately $185 million to a private equity fund managed by the Ares EIF Group, a subsidiary of Ares Management, L.P. The sale
WPX Energy completes sale of Van Hook gathering system to reduce debt load Read More »
Suncor 2016 capital budget up $900M over this year CALGARY _ Suncor Energy has set a capital budget for 2016 that’s $900 million higher than what it expects to spend this year. That’s despite the company’s gloomy outlook for commodity prices next year: U.S. benchmark crude unchanged at US$50 a barrel and a Canadian heavy
Suncor Energy to boost spending next year to as much as $7.3B Read More »
Recent cancellation of Al Sajeel, Al Karaana projects are examples of how oil price slowdown already impacting investments in region The unexpected drop in global crude oil prices appears to have caught some chemical producers in the Middle East off guard, resulting in their companies reporting significantly lower profits or losses in the third quarter and
Falling profits for Middle East chemical producers affect planned investments Read More »
Cut represents five percent of Enbridge employees CALGARY _ Pipeline operator Enbridge (TSX:ENB) is cutting five per cent of its workforce as low oil prices continue to take their toll on the energy sector. The move affects 500 people at all levels of the company in the United States and Canada. The company says it
Enbridge cutting 500 US, Canadian jobs, leaving 100 positions unfilled Read More »
Management has meaningfully reduced the U.S. operations’ cost structure and continues to adjust it to current industry activity and operating conditions Texas hasn’t been kind to Trican Well Service in the past year. The Calgary-based company idled the last of its two fracking crews in Oct., with only six of its 16 U.S. units still operating. Last
Fracker Trican lowers US costs, adjusts operations to slower market Read More »
For the first nine months of 2015, the Partnership’s capital spending totaled approximately $1.3 million. HOUSTON, TX – Sanchez Production Partners LP has reported Q3 2015 results, announced plans to implement a unit repurchase program, and provided a base case forecast for 2016. Highlights from the report include: An initial distribution declared on the Partnership’s common units of
Sanchez Production Partners reports third quarter 2015 Results; 2016 forecast Read More »
Revolving credit facility at Sept. 30 totaled $298.1 million after allowing for outstanding advances, letters of credit MIDLAND, Texas – Clayton Williams Energy, Inc. today announced that it has completed the scheduled semiannual borrowing base redetermination of its revolving credit facility and has extended the temporary covenant amendments originally set for expiration in 2016. Effective
Clayton Williams Energy announces borrowing base redetermination, covenants extension Read More »
October saw an increase in fluid service hours, as utilization remained strong in Permian Basin Basic Energy Services, Inc. today reported selected operating data for the month of Oct. 2015. Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 44,400 producing a rig utilization rate of 44%,
Basic Energy Services reports decline in drilling, servicing rigs compared to 2014 Read More »
Encana operating loss of US$24 million CALGARY _Encana Corp. (TSX:ECA) is deferring some investment plans in Alberta until the provincial government completes its royalty and climate change reviews. Chief executive Doug Suttles said Thursday the company is deferring the decision to build its next gas plant in the Duvernay area even though plant capacity is
Encana writes down more assets, posts US$1.2B Q3 loss Read More »
