Cenovus Energy Inc. delivered strong operating performance in 2018 but took a financial hit in the process, the company reported in its year-end results release. While solid production continued across Cenovus operations, a $1.3 billion loss in the fourth quarter pushed it to a net loss of $2.9 million for the year.
With growing evidence of a softening in global economic activity, DBRS Limited (DBRS) is tempering its base case price forecast for West Texas Intermediate (WTI) oil and Brent Oil over the period 2019 through 2021. DBRS is also reducing its base case forecast for the spot price of natural gas delivered at AECO in Alberta due to continued weak supply and demand fundamentals for Canadian natural gas. A CAD/USD exchange rate of 0.75 (versus 0.78 previously) has been assumed over the forecast period to align with current exchange rates. The current forecasts are updated from the previous forecasts published on October 26, 2018. See the commentary "DBRS Updates Oil and Gas Price Forecasts: Discounted Commodity Prices in Canada Remains the Prevailing Theme."
Doosan Portable Power has introduced the P250/HP210 Tier 4 Final portable air compressor. The "two-in-one" model delivers the pressure and flow typically supplied by two units in a single air compressor. The P250/HP210 is the only air compressor on the market to offer 210 cfm high-pressure mode.
FLIR Systems, Inc. has introduced what it calls the industry's first high-definition (HD), handheld optical gas imaging (OGI) camera, the FLIR GF620. Designed for oil and gas industry professionals, the GF620 camera sets a new standard for detecting and visualizing invisible leaks of hydrocarbons, such as methane, and common volatile organic compounds (VOCs). With four times the pixels of previous models, the HD resolution GF620 helps inspectors survey for fugitive hydrocarbon emissions from further, safer distances than possible with lower-resolution OGI cameras.
ARC Resources Ltd. has reported its fourth quarter and year-end 2018 financial and operational results. Fourth quarter production averaged 136,502 boe per day, net income was $159.7 million ($0.45 per share), funds from operations totaled $208.6 million ($0.59 per share), and net debt was $702.7 million as at December 31, 2018.
The new 2019 Ram 3500, 4500 and 5500 Chassis Cab will usher in a new generation of work trucks — one that leads the segment in capability, but also never-before-offered comfort and technology. Ram Chassis Cab trucks are the most durable, most capable and most confident cab and chassis trucks Ram has ever engineered. With a towing capacity up to 35,220 pounds, the highest Gross Combined Weight Rating of 43,000 pounds and payload up to 12,510 pounds, Ram's heaviest haulers are built for unforgiving duty cycles while achieving new levels of efficiency and upfitter friendliness.
Schneider Electric has released the 2019 Corporate Energy & Sustainability Progress Report, a look at the global trends, barriers and opportunities impacting enterprise energy and carbon-management programs. Although corporate teams responsible for these efforts still struggle with funding and data, the report reveals that a majority of large companies have set public-facing sustainability targets — goals that are driving the adoption of innovative strategies and technologies, and shifting perceptions of the value of conservation and climate action.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for January 2019 was 1,023, down 2 from the 1,025 counted in December 2018, and up 63 from the 960 counted in January 2018. The international offshore rig count for January 2019 was 241, up 7 from the 234 counted in December 2018, and up 45 from the 196 counted in January 2018.
MGX Minerals Inc. and engineering partner PurLucid Treatment Solutions are pleased to report a second deployment of an advanced wastewater treatment system is near completion and commissioning is expected shortly. The system is capable of processing up to 10 cubic metres per hour. The system will significantly reduce greenhouse gases through energy savings on steam generation. The technology provides superior treatment outcomes when compared to conventional technology which requires offsite trucking and high cost (due to toxicity) disposal.
A new study has shown that in addition to propelling Québec's energy transition forward, renewable natural gas (RNG) production is a major driver for economic development in all regions of Québec. Those were the conclusions of a study conducted by Aviseo Consulting to evaluate the economic, tax and foundational impacts of RNG production for communities.
Chevrolet has debuted the full lineup of its all-new 2020 Silverado HD — the strongest, most advanced, most capable Silverado HD ever. Max towing capability increases an enormous 52 percent to an available 16,102 kilograms (35,500 pounds). It is also the third all-new Silverado in just 18 months, each designed for different customers.
Hemisphere Energy Corporation has provided an update on its Southern Alberta operations following the 11 well drilling program that was completed in the fall of 2018.
Suncor saw a slower fourth quarter in 2018 than the year previously thanks to price differentials and other factors, but overall experienced a solid 2018, according to the company's Q4 earnings statement.