WorldOil Tourmaline to buy two Canadian rivals, sell some land rights Tourmaline Oil Corp. is buying two rivals in the Canadian oil and gas industry’s latest move to weather its worst downturn in a generation. Canada’s Cenovus Energy to buy Husky Energy in all-stock sale The newly combined company is expected to break even in 2021 at a West Texas Intermediate crude price of US$36 a barrel. It will continue to operate as Cenovus Energy with its headquarters remaining in Calgary. O’Regan says Canada working with U.S. to advance pipeline plans Canada’s Natural Resources Minister Seamus O’Regan said he’s in talks with the U.S. Secretary of Energy Dan Brouillette about finding a path to move ahead with oil pipeline projects, the Globe and Mail reported. Frac pioneer BJ Services files Chapter 11 bankruptcy BJ Services Company, one of the pioneers of the fracing techniques behind America’s shale revolution, filed for Chapter 11 bankruptcy protection on Monday morning amid a severe downturn in oilfield services demand. Canada’s oil transport shortage solved by new pipelines, reduced demand The pandemic-induced oil crash prompted Canadian companies to cut about 1 million barrels of daily crude output, freeing up space on the country’s previously congested pipelines. With that production likely slow to return and as many as three new conduits slated to be built in the next three years, the industry may have years of cheap, plentiful shipping capacity ahead. Canadian banks’ exposure to oil surges as credit lines are tapped Canadian banks’ exposure to oil and gas loans has surged to a record as energy firms tapped credit lines to combat plunging oil prices. Weekly Preview podcast: How prepared is the industry for an oil price rebound? Our look ahead the coming week, including how drillers' ability to react to an increase in oil and gas demand could be impacted by technical and manpower limitations, and what key OPEC players have in store for the first week of June. Enbridge cuts jobs, defers capex spend as falling demand limits oil flows Enbridge Inc., North America’s largest pipeline operator, is cutting jobs, lowering executive pay and deferring some capital spending as measures to fight the Covid-19 virus reduce oil flows on its system and slow down construction. ConocoPhillips curtails U.S., Canadian production, extends spending cuts ConocoPhillips is voluntarily curtailing 225,000 gross boepd, and reducing cash usage by more than $5 billion in 2020. Canadian operators cut nearly $2.5 billion from 2020 budgets Canadian oil and gas companies are cutting C$2.4 billion to C$3.5 billion ($1.7 billion-$2.5 billion) from their budgets for this year as low prices make most production unprofitable.