Commodity Prices

Cenovus Sees Continued Jolt for Oil, Natural Gas Prices and Uncertainty Overseas

Cenovus Sees Continued Jolt for Oil, Natural Gas Prices and Uncertainty Overseas

Calgary-based oilsands producer Cenovus Energy Inc. is predicting a bumpy ride for North American oil and natural gas supply and for prices in light of Covid-19 relapses and Russia’s invasion of Ukraine.  “Current fundamentals suggest a tight market will persist” for natural gas, management said as part of the 1Q0222 results. “But this could be…

April 29, 2022
Schlumberger Forecasting Multi-Year Upcycle in Oil, Natural Gas Investments

Schlumberger Forecasting Multi-Year Upcycle in Oil, Natural Gas Investments

The world’s top oilfield operator, Schlumberger Ltd., is anticipating oil and natural gas demand to push “successive years of market growth,” with the upcycle now in full gear, CEO Olivier Le Peuch said Friday. “As demand continues to strengthen and new investments are committed to diversify energy supply, the duration and scale of this upcycle…

April 22, 2022
Calgary’s Calfrac Says Russian War Injects ‘Risk and Uncertainty’ for Global Operations

Calgary’s Calfrac Says Russian War Injects ‘Risk and Uncertainty’ for Global Operations

Calfrac Well Services Ltd., a Calgary-based specialist in hydraulic fracturing that works in Canada, as well as Argentina, Russia and the United States, said a revival in drilling last year and commodity prices provide momentum, but there is uncertainty on the horizon. “A prolonged period of underinvestment in the upstream sector, in combination with a…

March 18, 2022
Supercycle Underway for Natural Gas, Oil Markets, Says Schlumberger CEO

Supercycle Underway for Natural Gas, Oil Markets, Says Schlumberger CEO

A steady recovery in global energy demand, combined with tighter natural gas and oil supplies,  are creating favorable conditions for activity in the year ahead, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The largest oilfield services (OFS) company in the world unveiled its strong fourth quarter results, with Le Peuch detailing the outlook and…

January 21, 2022
Permian to Bolster New Mexico Budget with 77% Jump in Oil, Natural Gas Revenue Forecast

Permian to Bolster New Mexico Budget with 77% Jump in Oil, Natural Gas Revenue Forecast

Higher-than-expected oil and natural gas production, as well as stronger prices, are giving New Mexico’s coffers a boost, the state’s Legislative Finance Committee (LFC) recently reported. The committee also anticipates Fiscal Year (FY) 2021 oil output of 408 million bbl, or 1.12 million b/d — a 10.8% year/year increase. “Global consumption and demand for oil…

December 17, 2021
Oil, Natural Gas Prices Drive Sustained Surge in Inflation

Oil, Natural Gas Prices Drive Sustained Surge in Inflation

Lofty oil and natural gas prices played outsized roles in fueling spikes in inflation this year. November proved no exception, with price increases reaching a pace last recorded nearly four decades ago. The U.S. Bureau of Labor Statistics (BLS) said Friday the consumer price index surged 6.8% in November from the same month a year…

December 10, 2021
Divide Grows Between Sweet, Sour Oil Prices as OPEC-Plus, Natural Gas Play Key Roles

Divide Grows Between Sweet, Sour Oil Prices as OPEC-Plus, Natural Gas Play Key Roles

Mounting output from the Organization of the Petroleum Exporting Countries (OPEC) and its allies and lofty global natural gas prices are widening the spread between sweet and sour crude prices, the U.S. Energy Information Administration (EIA) said Friday. While crude prices have recently come off 2021 highs in large part because of coronavirus resurgence concerns,…

December 3, 2021
Goodrich Going Private in $480M Deal as Haynesville — and Natural Gas Prices — Heat Up

Goodrich Going Private in $480M Deal as Haynesville — and Natural Gas Prices — Heat Up

Publicly listed independent Goodrich Petroleum Corp. has agreed to be taken private by Paloma Partners VI Holdings LLC in a deal valued at roughly $480 million. Paloma, an affiliate of EnCap Energy Capital Fund XI LP, plans to launch a tender offer to acquire for $23/share in cash all of Goodrich’s outstanding common stock.  Goodrich…

November 22, 2021
Meg Energy Boosting 2021 Oilsands Guidance on Stronger Prices, Rising Demand

Meg Energy Boosting 2021 Oilsands Guidance on Stronger Prices, Rising Demand

Alberta oilsands specialist Meg Energy Corp. has boosted its oilsands production guidance for the year on strengthening demand and prices. Production during 3Q2021 grew year/year to 91,506 b/d from 71,516 b/d. On the solid uptick Meg revised its 2021 average production guidance upward to 92,500-93,500 b/d from 91,000-93,000 b/d. “The third quarter was another strong…

November 15, 2021
Montney-Focused Arc Resources Speeding Up Activity as Commodity Prices Recover

Montney-Focused Arc Resources Speeding Up Activity as Commodity Prices Recover

Arc Resources Ltd. swiftly accelerated Montney Shale drilling following its C$8.1 billion ($6.5 billion) takeover of Seven Generations Energy Ltd. (7G) last winter, and it’s rewarding shareholders too. The Calgary-based exploration and production (E&P) company holds a Montney-focused portfolio in Alberta and British Columbia (BC) that is weighted 60% to natural gas and 40% to…

November 12, 2021
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