Western Canadian Select

Cardinal Energy Ltd. Announces First Quarter 2023 Operating and Financial Results

Retrieved on: 
Thursday, May 11, 2023
Carbon, Electricity, ARO, Management, WCS, CCS, EOR, Bank, Oil, Western Canadian Select

WCS differentials averaged almost US$25/bbl in the first quarter but have materially decreased in the second quarter averaging approximately US$15/bbl to date.

Key Points: 
  • WCS differentials averaged almost US$25/bbl in the first quarter but have materially decreased in the second quarter averaging approximately US$15/bbl to date.
  • First quarter 2023 net operating expenses per boe were slightly lower than the prior quarter at $25.40/boe due to lower Alberta electricity costs.
  • Cardinal's net debt closed the first quarter of 2023 at $78.0 million which included $45.3 million of bank debt and $32.7 million of adjusted working capital deficiency(1).
  • Cardinal looks forward to reporting its second quarter financial and operating results and the drilling results from our Clearwater, Rex, Bantry and Midale, Saskatchewan drilling programs.

ICE adds One Exchange Data to Canadian Crude Indices and Related Index Futures Contracts

Retrieved on: 
Wednesday, December 21, 2022
Professional Services, Other Energy, Oil, Gas, Energy, Finance, Consulting, Banking, Condensate, TMU, TMW, Intercontinental, Exchange, TMF, West Texas Intermediate, Acquisition, ICE, NYSE, Western Canadian Select, Intercontinental Exchange, Canadian Crude Index, Human, Senior, TMR, Oil

ICE currently calculates Canadian Crude indices from physical crude trades transacted by CalRock Brokers, which are the basis of ICE’s benchmark Canadian crude futures contracts.

Key Points: 
  • ICE currently calculates Canadian Crude indices from physical crude trades transacted by CalRock Brokers, which are the basis of ICE’s benchmark Canadian crude futures contracts.
  • In early 2023, One Exchange data will be added to the pricing for the ICE 1a indices which underpin ICE’s Canadian futures contracts, significantly increasing the number of physical crude transactions which underpin these indices.
  • These futures contracts include the most liquid Canadian financial crude future Western Canadian Select (contract code TMW), as well as the Light Sweet Crude (TMR), Condensate C5 (TMF), and Clearbrook Bakken Sweet (TMU) futures.
  • “Combining One Exchange and Calrock physical volumes into the ICE Canadian Crude Indices will help ensure that Canadian physical crude volumes can continue to be accurately hedged using the related ICE futures contracts.”
    “The market increasingly relies on ICE’s Canadian crude futures and adding One Exchange’s physical crude trade data will expand the set of physical trade data that determines the ICE 1a index prices,” said Alex Dolaptchiev, Senior Director at CalRock.

Fraser Institute News Release: Middle-income Atlantic Canadians face much higher personal income tax burdens than Western Canadians with similar incomes

Retrieved on: 
Wednesday, September 28, 2022
Bangladesh Technical Education Board, Income, Atlantic Canada, Western Canadian Select, Canada, Fraser Institute, Public policy, GLOBE, Western, Columbia, Health insurance, Oil, Western Canada, Atlantic Ocean

The study finds that Atlantic Canadian workers who earn the national average income ($52,750 in 2022) face provincial personal income tax burdens ranging from $4,463 in New Brunswick to $5,318 in Nova Scotia.

Key Points: 
  • The study finds that Atlantic Canadian workers who earn the national average income ($52,750 in 2022) face provincial personal income tax burdens ranging from $4,463 in New Brunswick to $5,318 in Nova Scotia.
  • These large differences are, in part, a result of much higher provincial personal income tax rates in Atlantic Canada compared to Western Canada.
  • Western Canadians, however, dont face those levels of provincial personal income tax rates until their income reaches $150,000 in British Columbia and $500,000 in both Alberta and Saskatchewan.
  • Middle-income workers in Atlantic Canada are paying provincial income tax rates similar to workers with much, much higher incomes in Western Canada, Eisen said.

SELECT ENERGY SERVICES ANNOUNCES ISSUANCE OF INAUGURAL SUSTAINABILITY REPORT

Retrieved on: 
Thursday, April 28, 2022
Solution, ESG, Sustainability reporting, Children and Family Court Advisory and Support Service, NYSE, CEO, Water resources, Bureau, Water, Administration, Sustainability Accounting Standards Board, Global, Contract, Internet, Risk, Recycling, Task force, Leadership, Western Canadian Select, Central, COVID-19, Sustainable industries, Growth, Gas, TGT Oil and Gas Services, Industry, Company, Goal, Annual report, Oil, Global Reporting Initiative, Chemical substance, Communication, Biophysical environment, Bureau of Labor Statistics, Board, Sustainability accounting, SEC, Review, Environment, Health, Culture, Safety, Management, Risk management, Social, Select

HOUSTON, April 28, 2022 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the U.S. unconventional oil and gas industry, today announced the release of its 2021 Sustainability Report, the inaugural report for the Company.

Key Points: 
  • HOUSTON, April 28, 2022 /PRNewswire/ -- Select Energy Services, Inc. (NYSE: WTTR) ("Select" or the "Company"), a leading provider of sustainable water and chemical solutions to the U.S. unconventional oil and gas industry, today announced the release of its 2021 Sustainability Report, the inaugural report for the Company.
  • We believe the issuance of our inaugural Sustainability Report, in conjunction with the ambitious water recycling and safety performance targets we implemented tied to our new sustainability-linked credit facility, further exemplify our commitment to providing sustainable solutions.
  • Select intends to regularly report on our ESG policies, procedures, and performance, both on our website and through our annual Sustainability Report.
  • Select Energy Services, Inc. and its consolidated subsidiaries (collectively referred to as "Select" or the "Company") is a leading provider of sustainable water and chemical solutions to the oil and gas industry.

SELECT ENERGY SERVICES ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE NUVERRA ENVIRONMENTAL SOLUTIONS AND CLOSES ON THE ACQUISITION OF THE U.S. ONSHORE ASSETS OF HB RENTALS

Retrieved on: 
Monday, December 13, 2021
Permian, Contract, Vinson & Elkins, Proxy, Acquisition, SEC filing, RISKS, Forward-looking statement, Chemistry, Industry, NES, Peak, COVID-19, U.S. Securities and Exchange Commission, Completeness, Superior Energy Services, Annual report, Public expenditure, Environment, Collection, Company, Special-purpose acquisition company, Health, HB, Technology, Growth, Form, Western Canadian Select, Haynesville Shale, Communication, SEC, Hydrocarbon, Natural gas, Water, CEO, Prospectus, NYSE, Sale, Securities Act of 1933, Recycling, Solution, Midcontinent Independent System Operator, PARTIES, Sumathi Best Television Current Reporting Award, Transport, THE, LLC, Oil, Security (finance), Property management, Bank, Financial adviser

Under the terms of the agreement, Nuverra stockholders will receive approximately 4.2 million shares of Select Class A common stock in exchange for all outstanding shares of Nuverra.

Key Points: 
  • Under the terms of the agreement, Nuverra stockholders will receive approximately 4.2 million shares of Select Class A common stock in exchange for all outstanding shares of Nuverra.
  • Additionally, Select today announced that on December 3, 2021, it closed on the acquisition of the U.S. onshore rentals and accommodations operations of HB Rentals, L.C.
  • Going forward, the Company expects to operate the HB assets within its Peak rentals and accommodations business within the Water Services segment.
  • Energy Capital Solutions, LLC is acting as financial advisor to Select in connection with the Nuverra acquisition.

Texas Petro Index Midyear Update: Oil and Gas Recovery Slow but Steady

Retrieved on: 
Tuesday, July 27, 2021
Energy, Petroleum, Economy of Texas, Petroleum in the United States, West Texas Intermediate, Petroleum politics, Price of oil, Energy crisis, World oil market chronology from, Western Canadian Select

Texas upstream oil and gas indicators through June 2021 tell the story of the slow but steady recovery now underway:

Key Points: 
  • Texas upstream oil and gas indicators through June 2021 tell the story of the slow but steady recovery now underway:
    Posted West Texas Intermediate (WTI) crude oil prices averaged $67.39 in June up from a low of $14.68 in April last year and the highest since November 2014.
  • Texas oil and gas producers understand the message behind higher prices for crude oil and natural gas, and that is to provide additional product to the marketplace if possible.
  • The Texas Petro Index (TPI) is a monthly measure of growth rates and cycles in the Texas upstream oil and gas economy.
  • Founded in 1930, the Texas Alliance of Energy Producers is the most knowledgeable and effective statewide oil and gas association in the nation.

SwRI Develops Economic, Novel Technique Supporting Pipeline Transport of Heavy Crude Oils

Retrieved on: 
Wednesday, July 14, 2021
Transportation, Manufacturing, Travel, Other Energy, Research, Oil, Gas, Alternative energy, Environment, Energy, Science, Chemicals, Plastics, Chemistry, Physical sciences, Petroleum, Unconventional oil, Petroleum products, Heavy crude oil, Bituminous sands, Diluent, Asphalt, Oil sands, Western Canadian Select

The new process reduces the viscosity of heavy crude oil by more than 60%, allowing it to flow more easily through existing pipeline networks.

Key Points: 
  • The new process reduces the viscosity of heavy crude oil by more than 60%, allowing it to flow more easily through existing pipeline networks.
  • The new process allows for transport of the treated heavy crude oil over great distances without heating the pipeline and without adding large amounts of chemical or diluent.
  • Of the more than 80 million barrels per day of crude oil produced globally, about 11 million barrels are classified as heavy crude oils.
  • SwRI is also investigating whether, with further research and optimization, EZ Flow could be used to upgrade, or chemically treat, heavy crude oil.

Petroteq Achieves Higher Oil Quality

Retrieved on: 
Tuesday, October 29, 2019
Physical sciences, Petroleum, Chemistry, Petroleum industry, Petroleum geology, Oil sands, West Texas Intermediate, Asphalt, Heavy crude oil, Western Canadian Select

Crude oils having characteristics or specifications that are comparable with WTI crude oil are often in demand by refiners and yield a higher price than crude oils having lower quality characteristics.

Key Points: 
  • Crude oils having characteristics or specifications that are comparable with WTI crude oil are often in demand by refiners and yield a higher price than crude oils having lower quality characteristics.
  • Using oil sands ores mined or extracted from Utahs Asphalt Ridge area, the Company has the ability at its Asphalt Ridge facility to produce a crude oil that can range between a heavier oil and a medium oil in its specific gravity (i.e.
  • In addition, even though the heavy oil and bitumen contained in Asphalt Ridge oil sands deposits have a relatively low sulfur content, the oil produced at the Companys Asphalt Ridge facility has an even lower sulfur content when compared with WTI crude oil.
  • Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction.

MMEX Resources Proceeds with Pecos County Texas Refinery Project Financing

Retrieved on: 
Tuesday, September 17, 2019
Chemistry, Physical sciences, Natural sciences, Laboratory techniques, Distillation, Petroleum, Gasoline, Western Canadian Select

FORT STOCKTON, Texas, Sept. 17,2019 /PRNewswire/ --MMEX Resources Corp. (OTCPK: MMEX), a development stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and The Americas announced today that it has selected debt and equity sources for financing of its projects.

Key Points: 
  • FORT STOCKTON, Texas, Sept. 17,2019 /PRNewswire/ --MMEX Resources Corp. (OTCPK: MMEX), a development stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and The Americas announced today that it has selected debt and equity sources for financing of its projects.
  • Jack W. Hanks, President & CEO of MMEX Resources Corp., commented, "We have now selected the financial entities to move forward with due diligence and final agreements to fund in stages, two crude distillation units and related infrastructure in Pecos County and terminals in the Texas Gulf Coast.
  • As we build out Phase 1 and Phase 2 and the related infrastructure, we expect to be processing about 20,000 barrels per day of crude oil in Pecos County in two separate crude distillation units."
  • MMEX Resources Corporation (MMEX) is a development stage company formed to engage in the exploration, extraction, refining and distribution of oil, gas, petroleum products and electric power.

Ring Energy, Inc. Announces Preliminary 2019 Capital Expenditure Budget of Approximately $154 Million

Retrieved on: 
Monday, April 29, 2019
Energy, Oil, Gas, Natural Resources, Other Natural Resources, Petroleum, Oil well, Extraction of petroleum, Economy, Inventions, Petroleum geology, Petroleum industry, Economy of Canada, Petroleum politics, Western Canadian Select, World oil market chronology from

We continue to have no takeaway issues related to our oil production and the current price differential to WTI pricing is approximately $5.

Key Points: 
  • We continue to have no takeaway issues related to our oil production and the current price differential to WTI pricing is approximately $5.
  • Every day we remain focused on and working toward our two stated goals cash flow neutrality and continued annualized production growth.
  • The 2019 CAPEX budget is subject to change based on market conditions, commodity price changes, rig availability, drilling results and general operational results.
  • Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas and New Mexico.