Alberta

Record natural gas production and stronger commodity prices propelled Canadian Natural Resources Ltd. (CNRL) in the first three months of this year, enabling returns to shareholders and corporate debt reduction. Natural gas production jumped by 25% in 1Q2022 from a year earlier to 2 Bcf/d, management noted. Liquids production hovered at 945,809 b/d, off from…

Alberta oilsands specialist Meg Energy Corp. reported that it has retained a 20,000 b/d oil shipping contract on the incomplete expansion of the Trans Mountain Pipeline. Management confirmed its plans for capacity on the Trans Mountain Expansion Project (TMX), whose estimated construction cost has ballooned 70%, while reporting fourth quarter and full-year 2021 earnings. TMX…

Growing oil and natural gas volumes from the Montney and Duvernay formations, along with rising commodity prices, lifted Paramount Resources Ltd. back to black in 2021. The Calgary-based independent also expects to see higher production in 2022 following its recent acquisition in the Grande Prairie region. The new asset package in northwestern Alberta, near the…

Refineries and service stations stood out as Suncor Energy Inc.’s 2021 profits champion, even with strong gains from oilsands production and higher commodity prices, the Calgary-based producer said.  Northern Alberta mining and extraction operations only took over the lead in Suncor ledgers as oil prices climbed in late 2021, according to the fourth quarter results.…

Most of Alberta’s natural gas and oil production will hit the national 2025 methane emission target of a 45% reduction of 2014 volumes, provincial regulators said Wednesday. Industry has already achieved more than half of the cleanup sought for the most potent greenhouse gas (GHG) from oil and gas fields, according to a report by…

Improved prices, along with increased ownership of drilling targets in northern Alberta and British Columbia (BC), should help natural gas production to climb by 18% year/year in 2022, Canadian Natural Resources Ltd. said Tuesday. The Calgary exploration and production (E&P) company announced its 2022 budget with a natural gas target of 1.98-2 Bcf/d from 1.69…

After reserving power to order oil production cuts without needing to use it for 13 months, the Alberta government plans to let the emergency curtailment policy expire at the end of this month. “The market is now working as it should,” said Alberta Energy Minister Sonya Savage.  “Oil production has reached pre-pandemic levels but is…

Alberta’s oil and natural gas firms are set to make a C$2.3 billion ($1.8 billion) start to seal a backlog of 95,524 inactive wells over the next five years under rules enacted Wednesday by the province’s production watchdog agency. The requirements translate the more stringent environmental legislation into “tools we need to begin to move…

The Alberta government and Canadian oil exporters celebrated Wednesday after Enbridge Inc. confirmed that its Line 3 pipe replacement project had been completed and would start deliveries Friday (Oct. 1). “It’s fantastic news for our province’s economic recovery,” said Premier Jason Kenney. “Our government will continue to fight for all projects that help bring our…