SCHROEDAHL, a CIRCOR International brand and an international leader in pump protection and flow control technology, announces that new, self-modulating TDL Automatic Recirculation Valves (ARVs) are now available in more than 35% lighter cast material. These reliable all-in-one pump protection solutions are designed to keep pumping systems in process, firefighting, refinery, power and chemical applications modulating and running smoothly, without cavitation or overheating.
Canadian Natural Resources Limited announces 2018 fourth quarter and year end results
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.
Commenting on the Company's 2018 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, "In 2018 we demonstrated the strength of our diverse and balanced asset base, and our ability to create value for Canadian Natural's shareholders throughout the commodity price cycle. Canadian Natural's continued focus on effective and efficient operations, ability to exercise capital flexibility and our mix of long life low decline assets resulted in cash flows from operating activities of over $10.0 billion and adjusted funds flow of over $9.0 billion in 2018, a significant achievement given industry challenges faced throughout the year."
Canadian Natural's President, Tim McKay, added, "We had a strong operational year in 2018 despite the volatility in commodity prices, as the Company was able to react quickly and strategically to changing market conditions. The Company achieved record annual production of approximately 1,079,000 BOE/d, delivering 12% production growth and 14% production per share growth over 2017 levels. Our industry leading Oil Sands Mining and Upgrading operations delivered record annual production of 426,190 bbl/d of Synthetic Crude Oil ("SCO") as a result of strong production at Horizon and a full year of production from the Athabasca Oil Sands Project. Additionally, record low annual adjusted operating costs of $21.05/bbl (US$16.24/bbl) of SCO and unadjusted operating costs of $21.75/bbl (US$16.78/bbl) of SCO were achieved as a result of safe, steady and reliable operations, high utilization, and leveraging expertise to capture synergies.
In 2018, crude oil price differentials widened due to market access restrictions and as a result, the Company made the proactive and strategic decisions throughout the year to voluntarily curtail crude oil production and reduce activity. Canadian Natural strongly supports the Government of Alberta's mandatory production curtailment program announced in late 2018 and as expected after this announcement, crude oil price differentials have since significantly narrowed. The Western Canadian Select ("WCS") differential index has narrowed to US$12.38/bbl for Q1/19 from the US$39.36/bbl experienced in Q4/18 and the differential between SCO and West Texas Intermediate ("WTI") benchmark pricing has narrowed to US$2.70/bbl for Q1/19 from the US$21.35/bbl experienced in Q4/18. As previously announced, the Company will continue to evaluate progress on export pipelines before enacting increases, if any, to its base 2019 capital budget.
Canadian Natural's mix of long life low decline assets and effective and efficient operations resulted in total Company Gross proved reserves increasing at the end of 2018 by 12% to 9.893 billion BOE, replacing 359% of 2018 production, with a reserves life index of 27.7 years. The Company's continued focus on continuous improvement, innovation and leveraging technology has lowered our overall cost structure, and as a result, proved finding, development and acquisition costs, including changes in future development capital, were excellent in 2018 and decreased from 2017 levels by 24% to $9.39/BOE."
Canadian Natural's Chief Financial Officer, Corey Bieber, continued, "Throughout 2018, Canadian Natural demonstrated its financial strength and resilience to market challenges through reduced long-term debt and upgraded credit ratings. Net earnings of approximately $2.6 billion and adjusted net earnings of approximately $3.3 billion were achieved in 2018, contributing to the reduction in absolute long-term debt by approximately $1.8 billion. Free cash flow was significant in the year at approximately $2.8 billion after net capital expenditures and dividend commitments. Canadian Natural's free cash flow allocation policy that came into effect November 1, 2018 was demonstrated in 2018 as approximately 46% of annual 2018 free cash flow was allocated to share purchases and approximately 54% was allocated to the Balance Sheet, including the impact of foreign exchange, working capital and other adjustments. Returns to shareholders were significant in 2018, totaling over $2.8 billion with over $1.2 billion returned through share purchases and approximately $1.6 billion returned through dividends.
Subsequent to year end, our Board of Directors approved a quarterly dividend increase of 12% to $0.375 per share, payable on April 1, 2019. The increase marks the 19th consecutive year of dividend increases, confirming our commitment to sustainable and increasing returns to shareholders."
- Net earnings of $2,591 million were realized in 2018, an increase of $194 million over 2017 levels. Adjusted net earnings of $3,263 million were achieved in 2018, a $1,860 million increase over 2017 levels.
- Cash flows from operating activities were $10,121 million in 2018, an increase of $2,859 million compared to 2017 levels.
- Canadian Natural generated significant annual adjusted funds flow of $9,088 million in 2018, an increase of 24% or $1,741 million over 2017 levels. The increase year over year was primarily due to increased Synthetic Crude Oil ("SCO") production volumes, higher netbacks in the Oil Sands Mining and Upgrading segment and higher netbacks in the International segment, partially offset by lower crude oil, NGLs and natural gas netbacks in the North America Exploration and Production ("E&P") segment, and significantly lower crude oil pricing in Q4/18.
- On December 2, 2018, the Government of Alberta announced the mandatory production curtailment program that resulted in crude oil differentials narrowing to more normalized levels. Subsequent to year end, the Western Canadian Select ("WCS") differential index narrowed to US$12.38/bbl for Q1/19 from US$39.36/bbl for Q4/18 and the differential between SCO and West Texas Intermediate ("WTI") benchmark pricing narrowed to US$2.70/bbl for Q1/19 from US$21.35/bbl for Q4/18.
- Cash flows used in investing activities were $4,814 million in 2018, a decrease of $8,288 million compared to 2017 levels as a result of acquisitions completed in 2017.
- Consistent with the Company's four pillar strategy, the Company maintained balance in the allocation of its annual adjusted funds flow throughout 2018:
- The Company remained disciplined in its economic resource development investments with annual net capital expenditures of $4,731 million, or approximately $4,490 million, excluding net acquisitions.
- The Company reduced long-term debt by approximately $1,835 million, including the impact of foreign exchange, working capital and other adjustments. As a result, debt to adjusted EBITDA strengthened to 2.0x and debt to book capitalization improved to 39.1%.
- Returns to shareholders are a key focus for Canadian Natural as the Company returned a total of $2,844 million in the year, $1,562 million by way of dividends and $1,282 million by way of share purchases.
- Share purchases for cancellation totaled 30,857,727 common shares at a weighted average share price of $41.56.
- Subsequent to year end and up to and including March 6, 2019, the Company executed on additional share purchases of 4,340,000 common shares for cancellation at a weighted average share price of $35.86.
- Dividends increased 22% from 2017 levels to $1.34 per share. Subsequent to year end, the Company declared a quarterly dividend increase of 12% to $0.375 per share, payable on April 1, 2019. The increase marks the 19th consecutive year that the Company has increased its dividend, reflecting the Board of Directors' confidence in Canadian Natural's sustainability and robustness of the asset base driving the ability to generate significant adjusted funds flow.
- The Company executed on opportunistic net acquisitions of $241 million, including net exploration and evaluation proceeds of $74 million. These core area acquisitions add significant future value to the Company's long life low decline asset portfolio.
- Canadian Natural delivered annual adjusted funds flow in excess of net capital expenditures of approximately $4,360 million, including the deferred discounted purchase consideration related to the Joslyn acquisition. After dividend requirements, annual free cash flow totaled approximately $2,795 million.
- Demonstrating Canadian Natural's commitment to balanced capital allocation, the Company allocated approximately 46% of annual 2018 free cash flow, after dividends, to share purchases and approximately 54% to the Company's Balance Sheet, including the impact of foreign exchange, working capital and other adjustments.
- The Company achieved record annual production volumes of 1,078,813 BOE/d in 2018, an increase of 12% over 2017 levels. The increase from 2017 was mainly due to a full year of Horizon Phase 3 production and a full year of production from acquisitions completed in 2017, partially offset by declines in natural gas production along with voluntary natural gas and crude oil curtailments, shut ins and reduced drilling activity.
- Annual BOE production per share growth was strong, increasing 14% when compared to 2017 levels.
- Canadian Natural's annual corporate crude oil and NGLs production reached a record 820,778 bbl/d, an increase of 20% over 2017 levels. The increase from 2017 was mainly due to Horizon Phase 3 operating at high utilization rates and a full year of production from acquisitions completed in 2017, partially offset by voluntary crude oil production curtailments, shut ins and reduced drilling activity.
- North America crude oil and NGLs, excluding thermal in situ oil sands, averaged 243,122 bbl/d in 2018, representing a 2% increase from 2017 levels mainly due to the successful integration of acquired assets at Pelican Lake, partially offset by the impact of proactive measures taken to reduce annual drilling in the second half of the year by approximately 100 net wells, delay completion and ramp up of new wells, and voluntarily curtail crude oil production.
- In 2018, Pelican Lake crude oil production averaged 63,082 bbl/d, a 22% increase when compared to 2017 levels primarily due to assets acquired in late 2017. In 2018, polymer flood restoration on the acquired lands was completed ahead of schedule, where approximately 62% of acquired lands are now under polymer flood.
- At the Company's world class Oil Sands Mining and Upgrading assets, industry leading operations provided record annual production of 426,190 bbl/d of SCO, an increase of 51% from 2017 levels. The increase in production was primarily due to a full year of Horizon Phase 3 operations and the acquisition of the Athabasca Oil Sands Project ("AOSP") in 2017.
- The Company realized record low annual unadjusted operating costs of $21.75/bbl (US$16.78/bbl) of SCO in 2018, a decrease of 13% from 2017 levels. Operating costs were top tier, below the midpoint of guidance and were achieved through safe, steady and reliable operations, high utilization, and leveraging expertise to capture synergies. After normalizing for planned turnaround downtime, operating costs decreased 10% to $21.05/bbl (US$16.24/bbl) of SCO compared to $23.40/bbl of SCO in 2017.
- In the Company's thermal in situ operations, pad additions at Primrose continue to be on budget and ahead of schedule with initial production targeted to add approximately 10,000 bbl/d in Q4/19. The program targets to add approximately 26,000 bbl/d in the first 12 months of production. These pad additions are high return activities as the Company utilizes available excess oil processing and steam capacity at Primrose.
- At Kirby North, top tier execution and strong productivity have resulted in the project progressing two quarters ahead of the sanctioned schedule. The project now targets first steam in late Q2/19 with the flexibility to ramp up production in late Q3/19. Cost performance remains on budget with the overall project 87% complete. Kirby North's overall capacity of 40,000 bbl/d of Steam Assisted Gravity Drainage ("SAGD") production is targeted for late 2020.
- International E&P annual production volumes were strong in 2018, averaging 43,627 bbl/d, comparable to 2017 levels. International production volumes receive Brent pricing, which is not subject to the price differentials experienced in Alberta. 2018 Brent pricing averaged US$71.12/bbl, a 31% increase from 2017 pricing of US$54.38/bbl, generating significant adjusted funds flow in the Company's International segment.
- The 2018 drilling program in the North Sea was successfully completed on time and on budget with 3.9 net producer wells drilled in the year. Current light crude oil production continues to be strong at approximately 1,250 bbl/d net per well.
- In 2018, the Company successfully drilled 1.7 net producer wells at Baobab. Current light crude oil production is exceeding sanctioned expectations at approximately 2,500 bbl/d net per well. As a result of the successful 2018 drilling program at Baobab, Canadian Natural targets to drill one additional producer well at Baobab in 2019.
- Subsequent to year end, the operator of the South Africa exploration well announced a discovery of significant gas condensate and targets to evaluate further exploration wells on Block 11B/12B located offshore South Africa. Canadian Natural expects the cost of the current exploration well to be fully carried. In 2019, the operator targets to acquire 3D seismic on the Block.
- Balance sheet strength and strong financial performance were demonstrated in 2018 through reduced long-term debt and upgraded credit ratings.
- In 2018, Moody's Investors Service, Inc. upgraded the Company's senior unsecured rating to Baa2 from Baa3 and its short term rating to P-2 from P-3 with a stable outlook. Additionally, Standard & Poor's revised the Company's rating outlook to BBB+/stable from BBB+/negative.
- Canadian Natural maintains strong financial stability and liquidity represented by cash balances, and committed and demand bank credit facilities. At December 31, 2018 the Company had approximately $4,824 million of available liquidity, including cash and cash equivalents, an increase of approximately $574 million from 2017 levels.
- Canadian Natural's crude oil, SCO, bitumen, natural gas and NGL reserves were evaluated and reviewed by Independent Qualified Reserves Evaluators. The following highlights are based on the Company's reserves using forecast prices and costs at December 31, 2018 (all reserves values are Company Gross unless stated otherwise).
- Total proved reserves increased 12% to 9.893 billion BOE. The increase is largely driven by the addition of the Horizon South Pit, and pad additions and improved recovery at Primrose.
- Proved developed producing reserves additions and revisions are 1.109 billion BOE, replacing 2018 production by 281%. The total proved developed producing BOE reserves life index is 21.3 years.
- Proved reserves additions and revisions are 1.416 billion BOE, replacing 2018 production by 359%. The total proved BOE reserves life index is 27.7 years.
- Proved plus probable reserves increased 13% to 13.382 billion BOE. Proved plus probable reserves additions and revisions are 1.910 billion BOE, replacing 2018 production by 485%. The total proved plus probable BOE reserves life index is 37.4 years.
- Proved finding, development and acquisition ("FD&A") costs, excluding changes in future development capital ("FDC"), are $3.11/BOE and proved plus probable FD&A costs, excluding changes in FDC, are $2.31/BOE. Proved FD&A costs, including changes in FDC, are $9.39/BOE and proved plus probable FD&A costs, including changes in FDC, are $10.79/BOE.
- Proved net present value of future net revenues, before income tax, discounted at 10%, is $106.6 billion, a 19% increase from the year end 2017 evaluation. Proved plus probable net present value is $131.0 billion, a 14% increase from year end 2017.
FOURTH QUARTER HIGHLIGHTS
- Due to a significant decline in crude oil pricing, largely driven by an oversupplied domestic market environment, lack of takeaway capacity and increased global supply, the Company incurred a net loss of $776 million in Q4/18 and an adjusted net loss from operations of $255 million.
- Cash flows from operating activities were $1,397 million and adjusted funds flow were $1,229 million in Q4/18. Adjusted funds flow decreased by $1,601 million from Q3/18 levels and by $1,078 million from Q4/17 levels due to significantly wider crude oil price differentials, largely driven by market access restrictions.
- On December 2, 2018, the Government of Alberta announced the mandatory production curtailment program that resulted in crude oil differentials narrowing to more normalized levels. Subsequent to year end, the WCS differential index narrowed to US$12.38/bbl for Q1/19 from US$39.36/bbl for Q4/18 and the differential between SCO and WTI benchmark pricing narrowed to US$2.70/bbl for Q1/19 from US$21.35/bbl for Q4/18.
- The Company's production volumes in Q4/18 averaged 1,081,368 BOE/d, a 2% increase over Q3/18 levels and a 6% increase over Q4/17 levels. The increase from the comparable quarters was mainly due to strong production from the Oil Sands Mining and Upgrading segment partially offset by reduced drilling activity and the impact of strategic actions taken to voluntarily curtail primary heavy and thermal in situ crude oil production totalling approximately 24,500 bbl/d.
- At the Company's world class Oil Sands Mining and Upgrading assets, top tier operations provided quarterly production of 447,048 bbl/d of SCO, an increase of 39% over Q4/17 levels mainly due to production from the Horizon Phase 3 expansion and a 13% increase over Q3/18 levels as operations resumed following a major planned turnaround at Horizon.
- The Company realized industry leading operating costs of $19.97/bbl (US$15.12/bbl) of SCO in Q4/18, through safe, steady and reliable operations, high utilization, and leveraging expertise to capture synergies. These results were comparable to Q3/18 levels and a 20% decrease from Q4/17 levels.
- Offshore Africa quarterly production volumes averaged 22,185 bbl/d in Q4/18, an 18% increase over Q3/18 and a 14% increase over Q4/17 levels. The increase in production from the comparable periods was primarily due to production from new wells drilled at Baobab in 2018, partially offset by natural field declines. International production receives Brent pricing that averaged US$67.45/bbl in Q4/18, a 10% increase from Q4/17 pricing of US$61.46/bbl, generating significant adjusted funds flow in the Company's international segment.
- Share purchases for cancellation in the quarter totaled 10,845,600 common shares at a weighted average share price of $37.67.
OPERATIONS REVIEW AND CAPITAL ALLOCATION
Canadian Natural has a balanced and diverse portfolio of assets, primarily Canadian-based, with international exposure in the UK section of the North Sea and Offshore Africa. Canadian Natural's production is well balanced between light crude oil, medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen and SCO (herein collectively referred to as "crude oil"), natural gas and NGLs. This balance provides optionality for capital investments, maximizing value for the Company's shareholders.
Underpinning this asset base is long life low decline production from the Company's Oil Sands Mining and Upgrading, thermal in situ oil sands and Pelican Lake heavy crude oil assets. The combination of long life low decline, low reserves replacement cost, and effective and efficient operations results in substantial and sustainable adjusted funds flow throughout the commodity price cycle.
Augmenting this, Canadian Natural maintains a substantial inventory of low capital exposure projects within its conventional asset base. These projects can be executed quickly and with the right economic conditions, can provide excellent returns and maximize value for shareholders. Supporting these projects is the Company's undeveloped land base which enables large, repeatable drilling programs which can be optimized over time. Additionally, by owning and operating most of the related infrastructure, Canadian Natural is able to control a major component of its operating cost and minimize production commitments. Low capital exposure projects can be quickly stopped or started depending upon success, market conditions, or corporate needs.
Canadian Natural's balanced portfolio, built with both long life low decline assets and low capital exposure assets, enables effective capital allocation, production growth and value creation.
More from Drilling & Production
The Canadian Environmental Assessment Agency has commenced federal environmental assessments for the proposed BHP Canada Exploration Drilling Project and the Tilt Cove Exploration Drilling Project. The two projects are located between 300 and 325 kilometres east of St. John's, Newfoundland and Labrador, in the Atlantic Ocean.
Cleansorb, a provider of patented chemical well treatments that enhance hydrocarbon production for the international oil and gas industry, announced that following a series of successful ORCA for OBM treatments on offshore oil production wells and a water injection well drilled with OBM, increased production and water injectivity have been achieved on behalf of a major operator in the Middle East.
Baker Hughes Rig Count: U.S. - 6 to 969 rigs
- U.S. Rig Count is down 6 rigs from last week to 969, with oil rigs down 1 to 788, gas rigs down 5 to 181, and miscellaneous rigs unchanged at 0.
- U.S. Rig Count is down 90 rigs from last year's count of 1,059, with oil rigs down 75, gas rigs down 13, and miscellaneous rigs down 2.
- The U.S. Offshore Rig Count is up 1 rig to 24 and up 4 rigs year-over-year.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for May 2019 was 1,126, up 64 from the 1,062 counted in April 2019, and up 159 from the 967 counted in May 2018. The international offshore rig count for May 2019 was 240, down 11 from the 251 counted in April 2019, and up 42 from the 198 counted in May 2018.
Schlumberger has introduced the GAIA digital exploration platform at the 81st EAGE Conference & Exhibition. The GAIA platform enables exploration teams to rapidly discover and access basin-scale data and manage their exploration opportunities.
NETZSCH Pumps North America, LLC, experts in solutions designed specifically for difficult pumping applications, will be highlighting its NOTOS multiple screw pumps at the 2019 Global Petroleum Show (GPS), which will be held June 11-13, 2019, at BMO - Calgary Stampede Park, in Calgary, Canada. Visit Booth #1394 to see the NOTOS, which is ideal for pumping everything from light fuel oil to viscous asphalt. Also to be featured are NEMO full service-in-place (FSIP) progressing cavity pumps and TORNADO rotary lobe pumps.
Rotork intelligent full-turn electric actuators have been supplied for upstream shale gas production wells in the USA.
Siemens enters Permian gas processing market with innovative electric-drive centrifugal compression solution
Siemens was recently awarded a contract to provide three residue compression trains for two, 250 million (500 million total) standard cubic feet per day (MMSCFD) cryogenic gas plants in the Delaware Basin. The customer, a key producer in the region and long-term user of reciprocating compression equipment, recognized the benefits of centrifugal compression and looked to Siemens for a fully integrated, turnkey solution that includes compressors, motors, variable frequency drives, and associated process equipment.
ProSep, a technology and service provider for integrated process solutions to the global energy industry, has successfully secured a contract with Aker Solutions to provide two MAX+ ProSalt mixers to Equinor's Heimdal Gas Centre Platform in the North Sea.
Wellbore Integrity Solutions (WIS), an affiliate of private equity firm Rhône Capital, and Schlumberger jointly announced that they have entered into an agreement for WIS to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility located on Rankin Road in Houston, Texas. The transaction is valued at approximately $400 million and is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction by year-end 2019.
ITT Inc.'s BIW Connector Systems brand will showcase its enhanced electrical wellhead penetrator solutions for the upstream oil and gas market at the Society of Petroleum Engineers Gulf Coast Section's ESP Symposium May 13-17, 2019 at The Woodlands Waterway Marriott Hotel & Convention Center near Houston, Texas.
Quartzdyne, Inc., a producer of pressure transducers for the oil and gas industry, introduced its Gen2 Quartz and Piezo Memory Tools at the Offshore Technology Conference (OTC).
Wild Well Control, a Superior Energy Services company and global leader in well control, engineering and training services, has launched a new online well control e-learning course, Introduction to Drilling Operations.
Baker Hughes, a GE company announced that the Baker Hughes international rig count for April 2019 was 1,062, up 23 from the 1,039 counted in March 2019, and up 84 from the 978 counted in April 2018. The international offshore rig count for April 2019 was 251, up 4 from the 247 counted in March 2019, and up 57 from the 194 counted in April 2018.
From 2016 to 2018, capital investment in Canada's upstream oil and gas industry (essentially, exploration and production) increased 15 percent compared to 41 percent in the U.S. over the same period, finds a new study released by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
Schlumberger introduced the IriSphere look-ahead-while-drilling service at the Offshore Technology Conference. The new service provides the industry's first application of electromagnetic (EM) technology for detecting formation features ahead of the drill bit in oil and gas wells.
At OTC 2019, Weir Oil & Gas introduced its new SPM EXL Frac Pump - engineered from the ground up to be the most durable, longest-lasting 2500 horsepower pump on the market, the company states. With the highest rod load rating in its class at 238,000 pounds, this pump is designed to withstand today's harshest fracking conditions and ease maintenance for operators' field teams.
The National Energy Board (NEB) has approved two applications to abandon the NEB-regulated parts of Exxon Mobil's Sable Offshore Energy Project and Encana Corporation's Deep Panuke Project. These projects, both located offshore Nova Scotia, had reached a stage of naturally declining production. The Sable Offshore Energy Project stopped producing natural gas in December, 2018 and Deep Panuke ceased production in May, 2018.
The Petroleum Services Association of Canada (PSAC), in its Midyear Update to the 2019 Canadian Oilfield Services Activity Forecast, lowered for a second time its Forecast for the number of wells drilled (rig released) in 2019 across Canada to 5,300 wells - a drop of 1,300 or twenty per cent (20%) from the original Forecast of 6,600 in November 2018. PSAC has based its updated Forecast on an average natural gas price of C$1.65/mcf (AECO), crude oil price of US$57.00/barrel (WTI), and a U.S.-Canada exchange rate averaging $0.75.
Leucrotta Exploration Inc. is pleased to announce the following update: Leucrotta drilled and completed an Upper Montney horizontal multi-frac well at 8-22-81-14W6 ("8-22") in the Mica area of north east British Columbia. The well was considered a major step-out given it was approximately 7.5 miles from the closest producing horizontal Upper Montney well. This well confirms that a large portion of our land base that has previously been delineated as highly productive in the Lower Montney is also highly productive in the Upper Montney, effectively significantly increasing the size of the potential development of the resource.
The cost of building
and operating oil sands projects has fallen dramatically in recent years and
total oil production is expected to rise by another 1 million barrels per day
(mbd) by 2030. But external factors—such as price uncertainty caused by
pipeline constraints—are contributing to a more moderate pace of production
growth than in years past, a new report by business information provider
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.
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.
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.