Alberta looking for federal GUBMINT money

Twin_Moose

Twin_Moose

Hall of Fame Member
Apr 17, 2017
22,041
6,160
113
Twin Moose Creek
Varcoe: Oilpatch feels 'deceived' over Ottawa’s no-show relief package

Programs to assist Canada’s energy sector were rolled out with much flourish by Ottawa earlier this spring and some companies hoped it would provide quick financial help to weather a sudden storm.

Today, groups representing petroleum producers and drillers in Canada say they’re not aware of any companies able to tap into the liquidity programs yet.
With a credit crunch now hitting some producers as reserve-based credit facilities are being reviewed, what happens if the help is delayed — or doesn’t come at all?
“It is a black box. I think the issue is nobody knows what you have to do to qualify for it or what the criteria are. And the concern is we needed that liquidity yesterday,” said Rob Broen, CEO of Athabasca Oil Corp., which announced this week its credit facility has been reduced by 65 per cent .
“Nothing is easy. Let’s put it that way. It’s no blanket giveaway,” added Doug Bartole, CEO of junior producer InPlay Oil Corp., which is also assessing the federal programs.
Across the Canadian oilpatch, companies are under pressure from the COVID-19 crisis, falling energy demand and weak oil prices.
Many producers posted large first-quarter losses, have shut-in production, are burning through cash and have seen debt levels climb.
Some have been waiting for the promised additional liquidity and credit backstops from the federal government to arrive.
“We were flat out told we would not qualify for it,” said Todd Brown, CEO of Cequence Energy Ltd., a junior producer that announced last week it’s obtained court creditor protection as it undertakes a strategic review.
“I feel deceived. I feel like it was a fanfare by the federal government to try and provide window dressing to an industry that I am not sure it supports.”
On April 17, the federal government announced it would make additional financial capacity available to small and medium-sized energy companies. ……..More
Click to expand...
 
mentalfloss

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
39,817
471
83
And it burns burns buuuurns..


Alberta Cuts 1 Million Bpd In Oil Production

Indeed, Alberta has been a step ahead of other producers when it came to cutting production, although not by design. Pipeline constraints had already forced Canadian crude prices low enough for many producers to struggle to survive, and the fallout of the oil price war and the coronavirus pandemic only sped up the inevitable: forced production cuts on top of government-instituted ones.

Alberta’s oil sector was one of the first and hardest hit by the crisis, with doubts emerging at one point about whether the oil sands industry would even survive this crisis. The industry itself is pessimistic. A recent Business Outlook Survey from the Bank of Canada found that the industry was more pessimistic about its outlook than it was in either 2008, during the Great Recession, or even 2014 when oil price last fell in the $20s and below.

https://oilprice.com/Latest-Energy-News/World-News/Alberta-Cuts-1-Million-Bpd-In-Oil-Production.html
 
pgs

pgs

Hall of Fame Member
Nov 29, 2008
28,536
8,141
113
B.C.
mentalfloss said:
And it burns burns buuuurns..


Alberta Cuts 1 Million Bpd In Oil Production

Indeed, Alberta has been a step ahead of other producers when it came to cutting production, although not by design. Pipeline constraints had already forced Canadian crude prices low enough for many producers to struggle to survive, and the fallout of the oil price war and the coronavirus pandemic only sped up the inevitable: forced production cuts on top of government-instituted ones.

Alberta’s oil sector was one of the first and hardest hit by the crisis, with doubts emerging at one point about whether the oil sands industry would even survive this crisis. The industry itself is pessimistic. A recent Business Outlook Survey from the Bank of Canada found that the industry was more pessimistic about its outlook than it was in either 2008, during the Great Recession, or even 2014 when oil price last fell in the $20s and below.

https://oilprice.com/Latest-Energy-News/World-News/Alberta-Cuts-1-Million-Bpd-In-Oil-Production.html
Click to expand...
Make that four threads .
 
S

spilledthebeer

Executive Branch Member
Jan 26, 2017
9,296
4
36
Avro52 said:
Gee, I thought I’d get one of your looney toon essays that nobody ever reads.

Took the right pills today?
Click to expand...




Oh dear - poor Avro feels ignored!


But surely by now you are accustomed to such a feeling of INSIGNIFICANCE and irrelevance!
 
You must log in or register to reply here.
Top Bottom