Cenovus Energy Inc. delivered strong operating and financial performance in the first quarter of 2019, generating more than $1 billion of adjusted funds flow, $731 million of free funds flow and cash from operating activities of $436 million. The company's excellent financial results were driven by strong operating performance, a significant narrowing of light-heavy oil price differentials in early 2019 and Cenovus's low-cost structure and continued commitment to capital discipline.
Drilling & Production
Trelleborg Sealing Solutions announces the launch of the new XploR S-Seal and XploR FS-Seal that have been developed for demanding high pressure sealing environments, such as those found in oil & gas downhole tool applications.
The proposed Flemish Pass Exploration Drilling Project and the proposed Eastern Newfoundland Offshore Exploration Drilling Project are not likely to cause significant adverse environmental effects when mitigation measures are taken into account, according to the federal government.
The Canadian Association of Oilwell Drilling Contractors offered its congratulations to Premier-Designate Jason Kenney on securing a decisive victory in the 2019 Alberta provincial election.
Single Phase Power Solutions (SPPS), the world's only manufacturer of high horsepower single phase electric motors, introduces single phase pump solutions which do not require a phase converter or Variable Frequency Drive (VFD). The company incorporates their Belle Single-Phase Motor which uses Written-Pole technology to deliver up to 100 hp to power standard suction end centrifugal pumps, rotary gear pumps, and turbine pumps in both horizontal and vertical configurations.
Saturn Oil & Gas Inc. is pleased to announce finishing successfully the drilling, completion, equip and tie-in of its nine (9) wells in Q1 2019. Saturn has achieved an average production rate in March 2019 of over 1,100 bbl/d with all twenty-nine (29) wells producing by March 25th. The Q1 2019 peak production rate was over 1,400 bbl/day. The Company forecasts its Q2 2019 production volumes will average over 950 bbl/d.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for March 2019 was 1,039, up 12 from the 1,027 counted in February 2019, and up 67 from the 972 counted in March 2018. The international offshore rig count for March 2019 was 247, down 3 from the 250 counted in February 2019, and up 62 from the 185 counted in February 2018.
Stress Engineering Services, Inc. has received an OTC Spotlight on New Technology (SONT) Award for its condition based maintenance (CBM) of drilling riser systems.
Imperial has slowed the pace of development of its Aspen in situ oil sands project given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges.
Despite each of our daily lives becoming increasingly digitized to save us time and money and keep us safe and healthy, many areas of heavy industry, especially those which rely on large-scale physical infrastructure, are still grappling with how to integrate meaningful technologies that will move them beyond cumbersome and costly analogue processes.
Canadian Natural has reported its 2018 fourth quarter and full year results, indicating that the company is continuing to show growth, even within a challenging oil and gas industy.
Questerre Energy Corporation has executed a definitive purchase and sale agreement with a senior exploration and production company to acquire all their assets in Quebec. This follows the letter of intent signed in early 2018 as set out in the Company's press release dated June 4, 2018.
Rotork IQ3 intelligent multi-turn electric actuators have been specified for use in solar powered control stations for water gathering pipelines in the USA.
Saturn Oil & Gas Inc. has provided an operational update, including details of the Company's Q1/19 capital budget and drilling program (the "Program"), along with forecast average production volumes for the quarter.
CIRCOR Industrial Valves announces the cost-saving Rotable Critical Trim Refurbishment Program. Eliminating the delay and expense of cutting out a leaking valve, the program replaces internal valve components to return valve function quickly while restoring the removed parts for future use.
Cuda Oil and Gas Inc. has released the results of its 2018 year-end oil and gas reserves evaluation for Wyoming and Alberta.
Tourmaline Oil Corp. is pleased to report very strong total reserve growth, liquids reserve growth and a continued reserve value increase in the current depressed natural gas price environment. The Company executed on the 2017-2018 plan to concentrate almost entirely on internal EP growth and has produced the best reserve metrics in the Company's 10 year history over the past two years.
Another component has been added to the product portfolio of the NEMO progressing cavity pump from NETZSCH: the xLC unit. This unit triples the service life of the pump, particularly when conveying difficult, abrasive media. When wear occurs in the rotor-stator system, the new xLC unit allows the performance of the pump to be re-established by adjusting the preload between the conveyor elements.
Rockwell Automation, which is dedicated to industrial automation and information, and Schlumberger, a leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, have entered into an agreement to create a new joint venture, Sensia, the first fully integrated digital oilfield automation solutions provider.
Pulse Oil Corp. is happy to announce that the Company intends to drill two new wells within the Bigoray EOR acreage in February and March 2019.
Advantage Oil & Gas Ltd. has released a report on its 2018 reserves and an operational update on the Corporation's liquids development plan.
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.
Baker Hughes, a GE company has introduced the , which mills out more smoothly and cleans up better than any other conventional frac plug on the market, cutting costs and helping customers achieve first oil faster.
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.
Saturn Oil & Gas Inc. commenced its Q1/2019 drill program on January 14, 2019. The Program consists of ten extended reach horizontal Viking wells spread over its Milton, Kerrobert and Prairiedale lands.
Packers Plus Energy Services Inc. is adapting to the industry's changing needs and introducing operators to a diverse selection of high-quality completion technologies to increase production, save time and reduce risk.
In its first update to the 2019 Canadian Drilling Activity Forecast, the Petroleum Services Association of Canada (PSAC) has revised the number of wells drilled (rig released) across Canada for 2019 to 5,600 wells. This represents a decrease of 1,000 wells, or 15 percent, from PSAC's original 2019 drilling Forecast released in November 2018 and reflects the deteriorating investor confidence in Canada.
Subsea oil and gas engineering firm Interventek will unveil the development of the industry's first subsea shear-and-seal safety valve powered by an integrated gas accumulator at next week's Subsea Expo show in Aberdeen, UK. This innovation builds on Interventek's existing, award-winning, Revolution valve technology by adding a gas accumulator within the valve, close to the cutting and sealing mechanism. It increases the power and speed of the valve's functionality and provides a failsafe mode triggered in the event of an emergency.
LORD Corporation - a leader in motion and vibration control solutions for the oil and gas industry - is now certified to the American Petroleum Institute's (API) standard 16F testing for telescopic joint (TJ) packers.
Baker Hughes, a GE company has posted Weekly Rig Count reports.
Subsea Integration Alliance has announced the award of integrated subsea engineering, procurement, construction, installation and commissioning (EPCIC) contracts. These awards, by Esso Australia Pty Ltd, represent the first integrated subsea project for Subsea Integration Alliance in Australia combining OneSubsea and Subsea 7 expertise in subsea production systems (SPS) and subsea umbilical, riser and flowline (SURF) systems.
Calima Energy Limited has spudded the first well of a three well programme to test the prospectivity of the Montney Formation in the Company's 72,000 acre lease holdings in British Columbia.
Suncor has provided an operations update for the fourth quarter of 2018, highlighting total upstream production of 831,000 barrels of oil equivalent per day (boe/d), which is a quarterly production record and represents an increase of 12% from the third quarter of 2018. This record-breaking quarter reflects the results of the significant investment developing Fort Hills, and Suncor's ongoing operational excellence focus across its assets, particularly at the Syncrude joint venture.
CPC-Cryolab, a CIRCOR International brand, offers the 5000 Series Cryogenic Valves, ideal for use in ultra-cold cryogenic storage tanks, transportation trailers, and vacuum jacketed and non-jacketed piping systems. The 5000 Series valves feature bellow sealed and non-bellows sealed designs, redundant packaging seals, and all stainless-steel construction, trusted the most common, most reliable LHe valves used on ISO helium containers world-wide.
Pulse Oil Corp. announces that on December 27th, 2018, drilling of Pulse's second exploration well, PUL HZ QUEENSTN 12-9-19-21 W4 ("12-9"), reached a total measured depth, as planned, of 2957m (TVD 1389m), including 1237m of lateral section within a highly porous Mannville-aged Lithic sandstone channel. The 12-9 well was Pulse's second well successfully targeting a new 3-D seismic interpretation intended to focus on the highest porosity / permeability lithic deposits within the Mannville channel trend in the Queenstown area of Southern Alberta.
The latest innovation from Packers Plus Energy Services Inc. is providing operators with higher efficiency plug-and-perf systems worldwide. The TREX Cemented Product Line now offers composite and degradable plugs to improve deployment and reduce/eliminate mill-out operations, saving time and reducing risk.