Reaction poured in Friday after Alberta Premier Rachel Notley announced the rates for oilsands projects will remain the same in an announcement that came after a five-month royalty review. Rules around how costs are accounted for will be changed: companies will pay a flat five per cent royalty on wells until the industry average on upfront costs are recovered, then
Rio de Janeiro, January 29, 2016 – Petróleo Brasileiro S.A. – Petrobras announces its proven reserves of petroleum (oil, condensate and natural gas), assessed at the end of 2015 according to ANP/SPE (National Petroleum, Natural Gas and Biofuels Agency / Society of Petroleum Engineers) and SEC (US Securities and Exchange Commission) criteria. Proven Reserves according to ANP/SPE Criteria:According to ANP/SPE
The Board of Directors (the “Board”) of Memorial Resource Development Corp. (MRD) announced today that John Weinzierl will resign as Chief Executive Officer and as a member of the Board, effective immediately to focus entirely on Memorial Production Partners LP (MEMP) as its Chief Executive Officer and Chairman, positions he has held since 2011. The Board has elected Jay Graham,
PetroQuest Energy, Inc. (PQ) announced today the early participation results of its previously announced private exchange offer (the “Exchange Offer”) to Eligible Holders (as defined below) for up to $300 million aggregate principal amount (the “Maximum Exchange Amount”) of its outstanding 10% Senior Notes due 2017 (CUSIP No. 716748 AA6) (the “Old Notes”) for up to (i) $75 million of
From The Wall Street Journal TOKYO—Japan’s central bank stunned the markets Friday by setting the country’s first negative interest rates, in a desperate attempt to keep the economy from sliding back into the stagnation that has dogged it for much of the last two decades. The unexpected move shows the Bank of Japan’s determination to fight global headwinds that threaten to tip
An Exclusive Interview with Garth Braun, Chairman, President and CEO of Blackbird Blackbird Energy (ticker: BBI, www.blackbirdenergyinc.com) is in the early stages of developing its 75 sections (48,000 acres) of the Montney fairway in Alberta, but results from its 2-20-70-7W6 well indicate there may be plenty of running room ahead. In a company release issued on January 28, 2016, Blackbird
Full year free cash flow represented 144% of net income in 2015 Core Laboratories (ticker: CLB, CoreLab.com) released its fourth quarter and full year 2015 results this week, proving that it is a company that can continue to outperform its oilfield service peers, even through a tough commodity downcycle. CLB reported revenue of $182.7 million in the fourth quarter and
From Bloomberg Brazil’s state-controlled oil company is reducing management positions and streamlining operations to save 1.8 billion reais ($440 million) a year as it navigates the worst oil market in a generation and a sprawling corruption investigation. Petroleo Brasileiro SA is reducing management positions in non-operational areas by about 30 percent and combining the refining and natural gas divisions to
PENN WEST PETROLEUM LTD. (TSX – PWT; NYSE – PWE.BC) (“Penn West“, “we“, “us” or “our“) announces that the Board of Directors has approved a highly disciplined capital budget of $50 million for 2016. This budget responds to the significant decline in commodity prices and proposes capital spending levels 90 per cent lower than the 2015 planned capital program. Our
Rowan Companies plc (“Rowan” or “Company”) (RDC) announced today that effective January 25, 2016, the Company amended its revolving credit agreement to extend the maturity date by one year to January 23, 2021 from January 23, 2020. Availability under the facility is $1.5 billion through January 23, 2019, declining to $1.44 billion through January 23, 2020, and to approximately $1.29
Memorial Production Partners LP (MEMP) announced a cash distribution attributable to the fourth quarter of 2015 and announced full year 2016 guidance. MEMP also announced that it has scheduled a conference call to discuss its fourth quarter and full year 2015 earnings. A presentation containing supplemental full year 2016 guidance information has been posted to MEMP’s website at www.memorialpp.com. Distribution
From CBC News Alberta Premier Rachel Notley will unveil the province’s new oil and gas royalty framework on Friday. The announcement will take place in Calgary, a city that’s seen scores of job losses as a result of the crude oil price collapse. Industry players have warned the NDP government against making any changes that would add to the pain
