Official (Alberta) Oil Discussion Thread

[CaptainCrunch]

https://www.cbc.ca/news/politics/lin...tmer-1.6022433

[Suave]

This thread has doom and gloom too much, so lets celebrate a double meat day. WTI getting close to $68 with good differentials and NG above $3. Most oil equities up big, with many making new 52 week or multi-year highs.

And in the news, IPL has finally agrees to a takeover by Pembina.

[Weitz]

Originally Posted by Suave

This thread has doom and gloom too much, so lets celebrate a double meat day. WTI getting close to $68 with good differentials and NG above $3. Most oil equities up big, with many making new 52 week or multi-year highs.

And in the news, IPL has finally agrees to a takeover by Pembina.

Some sectors are doing well. Were going to be expanding this year as we can't handle the workload at our current staffing level and we don't see it as a temporary bump.

[Lubicon]

Originally Posted by Weitz

Some sectors are doing well. Were going to be expanding this year as we can't handle the workload at our current staffing level and we don't see it as a temporary bump.

Our summer activity level looks like it will match what it was during the winter drilling season which is not typical. Had to hire more field hands to cover the work plus cover for vacation. Sadly management does not think we need to hire in the office to cover the same increase. Also most of our office staff are still on a salary reduction and pay freeze which also doesn't look like it's going away any time soon as our day rates are still quite low.

Edit to add:
Talking to my cousin recently and his employer has lost 6 software developers in the past few months. They pretty much have an ongoing help wanted ad for their software group, they struggle to find qualified people in Calgary. Probably the first time I have witnessed the oil patch losing workers to other industries, usually it's the other way around.

[Weitz]

Originally Posted by Lubicon

Our summer activity level looks like it will match what it was during the winter drilling season which is not typical. Had to hire more field hands to cover the work plus cover for vacation. Sadly management does not think we need to hire in the office to cover the same increase. Also most of our office staff are still on a salary reduction and pay freeze which also doesn't look like it's going away any time soon as our day rates are still quite low.

Edit to add:
Talking to my cousin recently and his employer has lost 6 software developers in the past few months. They pretty much have an ongoing help wanted ad for their software group, they struggle to find qualified people in Calgary. Probably the first time I have witnessed the oil patch losing workers to other industries, usually it's the other way around.

Yah industry is picking up quite a bit. Lots of guys need to spend some money they didn't spend in the last year and a half or so.

I always try and figure out what sector you work in - I have settled on Frac/Cementing. But could be wrong .

[Lubicon]

Originally Posted by Weitz

Yah industry is picking up quite a bit. Lots of guys need to spend some money they didn't spend in the last year and a half or so.

I always try and figure out what sector you work in - I have settled on Frac/Cementing. But could be wrong .

Close. I'm on the drilling side. Making hole before they cement and frac it.

[Weitz]

Originally Posted by Lubicon

Close. I'm on the drilling side. Making hole before they cement and frac it.

Good stuff. Our drilling side is real busy this summer (consulting).

[Rocky Mtn Flames]

Does anyone know of any companies looking for Wellsite supervisors for completions? Any leads would be appreciated. Thanks

[puckedoff]

$70 bucks baby!

[Monahammer]

Originally Posted by puckedoff

$70 bucks baby!

That's it I'm going triple meat tonight.

[Tron_fdc]

Save triple meat for triple digit oil. For now just get a double meat combo.

[GGG]

I remember when oil crashed and it broke below $80 and all of the major projects were canceled. What a world where $70 is an amazing price.

[Regorium]

https://www.newswire.ca/news-release...866303015.html

Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy formally announced today the Oil Sands Pathways to Net Zero initiative. These companies operate approximately 90% of Canada's oil sands production. The goal of this unique alliance, working collectively with the federal and Alberta governments, is to achieve net zero greenhouse gas (GHG) emissions from oil sands operations by 2050 to help Canada meet its climate goals, including its Paris Agreement commitments and 2050 net zero aspirations.

Pretty big and exciting news for the industry.

[TorqueDog]

Don't let the door hit you in the ass on the way out, Suttles.

Originally Posted by Global News

Executive behind renaming and relocation of Encana set to retire in August

The head of the energy company formerly called Encana is retiring this summer.

Ovintiv Inc. says chief executive Doug Suttles will retire Aug. 1 after eight years in the position.

He will be replaced by Brendan McCracken, who began his career with the company nearly 25 years ago. He served most recently as president.

Ovintiv chairman Peter Dea says that under Suttles’ leadership, Ovintiv was transformed into a leading North American resource play company.

https://globalnews.ca/news/7933455/o...tles-retiring/

Encana (TSX) stock price for the month ending when Doug joined in June 2013: $88.95 CAD
Ovintiv (TSX) stock price as of market close today: $37.56 CAD

Good riddance.

[burn_this_city]

Splitting the company maimed both when commodity prices tanked. They lost the natural hedge and the reason you go integrated. Talked with a guy who works there recently and the move to the US was basically no change. They all seem to understand that the spinoff of CVE was a disaster.

[Bill Bumface]

Originally Posted by burn_this_city

Splitting the company maimed both when commodity prices tanked. They lost the natural hedge and the reason you go integrated. Talked with a guy who works there recently and the move to the US was basically no change. They all seem to understand that the spinoff of CVE was a disaster.

Gwynn Morgan liked to (correctly) lament about the split as well. It was short sighted, and even when it looked like a bad idea, and they'd already pulled the plug on it once, they rammed it through anyway.

IMO, the bigger crime, that Gwynn was complicit in himself, was following the herd on the "North American Pure Play" trend of the early 2000s. EnCana was very geographically diversified. Instead of leaning on all of their Brent resources during times when the North American market got flooded, and transport constraints started to tank prices, they were stuck with no geographical diversity and all of their eggs in the suffering North American basket.

Many Calgary based companies had strong international presence, and they all gave it up willingly, believing the North American gravy train would never end. Then they all withered together as a result, and many were lost to foreign capital buying up cheap assets.

[Gundo]

Nvm being address elsewhere.

[RichieRich]

Just read this headline: "Keystone XL pipeline project scuttled, in major win for environmentalists"


Oddly enough it may appear as a win, yet it's moreso a loss evident with USA already increasing it's hydrocarbon imports from not-Canada such as those countries who have little to zero ESG. Somehow the politics work out and the environmentalists are happy, for now. So the reality is that it's a Canadian loss at this point in time IMO.

[GGG]

At per Biden’s own report at oil prices over around 70-80 per barrel the line had no impact on GHGs. Rather sad to see politics when over science.

[OldDutch]

Pipelines are never the issue, cars are. Neither are tried and true environmentalists who are actually a small voting block. This is an easy move to signal to the suburban woke set. A hypocrite faux social justice set that will happily fill up their SUV with fuel not from dirty Canada.

It cynical politics at its finest and another example that Biden is a typical politician and like Obama no one to celebrate.