Producers still cautious despite higher Q2 expectations on stronger oil prices

Higher oil prices are expected to boost cash flow for the large Canadian crude producers as they roll out second-quarter results beginning next week, but analysts say the extra money is unlikely to be added to growth budgets. Canadian oil…

Oil producers call for oil curtailment easing in return for rail commitments

Canada’s largest oil producers are calling on the Alberta government to reward companies that commit to adding crude-by-rail capacity by easing their oil curtailment levels. Suncor Energy CEO Mark Little says the proposal makes a lot of sense because it…

Crude by rail shipments from Western Canada rise by 34,000 bpd in May

Genscape says crude-by-rail shipments from Western Canada continued to rise in May after falling in February to a nine-month low. The U.S. company, which monitors western Canadian rail terminals handling about 80 per cent of typical volumes, reports average rail…

Lower price discounts to boost Q1 oil profits but sector still faces uncertainty

Lower discounts on western Canadian oil prices have swollen producer coffers in the first three months of the year, but analysts say they don’t expect to see big increases in drilling budgets as companies report results over the coming weeks.…

Crude by rail rises in March but storage high despite Alberta curtailments

Crude-by-rail shipments from Western Canada staged a minor recovery in March after falling in February to their lowest level in nine months, but oil storage levels remain stubbornly high, according to Genscape. The U.S. company, which monitors western Canadian rail…

Alberta oil production cap remains unchanged despite price recovery

Alberta Energy Minister Marg McCuaig-Boyd says the province is leaving its oil curtailment levels at 325,000 barrels per day for now despite discounts for western Canadian crude that have narrowed to three-and-a-half-year lows. READ MORE: Alberta orders 8.7 per cent oil…

Western Canada oil prices remain strong as Alberta production cap kicks in

Crude oil prices in Western Canada remain elevated as Alberta’s government-mandated oil production curtailments come into force. Calgary oil brokerage Net Energy says the difference between Western Canadian Select bitumen-blend heavy oil and New York-traded West Texas Intermediate oil prices…

Calgary-based energy firm Whitecap Resources unveils cautious $450M capital budget

Oil and gas producer Whitecap Resources Inc. said Tuesday it will choke back spending in the first half of 2019 in view of recent volatility in world and western Canadian oil prices, despite the resulting reduction in average production for…

Expert panel doubts curtailment will help western Canadian oil prices after Jan. 1

A panel of experts says it’s unlikely a dramatic improvement in western Canadian oil prices since Alberta Premier Rachel Notley announced production curtailments on Dec. 2 will continue after the cuts begin on Jan. 1. The difference between Western Canadian…

Who are the winners and losers from the Alberta oil production cut?

Oil production cuts announced by the Alberta government will have the desired outcome of reducing steep discounts on its oil, but it will also create winners and losers, financial analysts say. Shares in the companies most likely to benefit from…