Canada ///
The move to Denver was widely anticipated because Suttles, a Texan, relocated his residence there in March 2018, though the company also has a major office in Houston.
Well, it has finally happened. A perfect combination of overly aggressive environmental activism, combined with fumbling by governmental authorities, has incapacitated the Canadian oil industry. (World Oil Editorial)
"A domicile in the United States will expose our Company to increasingly larger pools of investment in U.S. index funds and passively managed accounts, as well as better align us with our U.S. peers," said CEO Doug Suttles.
Larger federal deficits and continued uncertainty for the energy sector are in store for Canada after Prime Minister Justin Trudeau won a second term on Monday, investors and analysts say.
Canadian heavy oil prices have weakened ahead of an anticipated announcement that Alberta will ease production limits in exchange for shipping more crude by rail.
Kurt Abraham, World Oil
Another mixed outlook awaits the E&P sector
The days when energy stocks and the price of oil moved in lockstep are now few and far between. Oil may go up but stocks still fall, and in Canada it’s the worst divergence on record.
Kurt Abraham, World Oil
Activity may pick up to near-record levels in the next several years, as the province continues to encourage technical innovation.
Alberta’s oil production curbs finally appear to be draining inventories, at least for now.
A corporate tax rate cut in the oil-rich province of Alberta, boosted Exxon’s second-quarter profit by almost $500 million, according to a statement Friday. Chevron noted a $180 million non-cash tax benefit from the measure in its report.
U.S. refiners want more Canadian oil, and pipeline companies are finding ways to get it to them.
Alberta has relaxed the production limits it imposed on oil producers as it exports more barrels via rail and pipeline.
Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by shelving unused frac gear and cutting jobs in North America.
Heavy Canadian crude prices narrowed to the smallest discount against U.S. benchmark futures since April as rail shipments increase.
Chevron Corp. is seeking approval to modify its plans for a liquefied natural gas export facility on Canada’s Pacific Coast to an all-electric design that it says will result in the lowest greenhouse-gas emissions per ton of LNG of any large project in the world.
Cenovus Energy Inc. has announced that on July 10, 2019, the company reached 1 Bbbl of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. Cenovus is the first company to produce 1 Bbbl of oil using steam-assisted gravity drainage (SAGD) technology.
Emily Querubin, World Oil
Talos Energy has completed its appraisal program for the Zama discovery on Block 7, in the offshore portion of Mexico’s prolific Sureste basin.
Devon Energy Corp. has announced that it has completed the sale of its Canadian business to Canadian Natural Resources Limited for $2.8 billion.
Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.
Building on their decade-long partnership for Eastern Canada seismic/gravity surveys, TGS and PGS have announced a partnership with Bain Geophysical Services to create a new regional study of the crust offshore Newfoundland and Labrador.