- Hemisphere Energy Announces Second Quarter 2019 Financial and Operating Results
- Razor Energy Corp. Announces Strategic Acquisition and Second Quarter 2019 Results
- Artificial Lift & Production Optimization Western Canada 2019 – New Speaker Joins The Line-Up Allan Antonio, Artificial Lift Specialist, Chevron Canada
- geoLOGIC Acquires TOP Analysis, Thermal Oilsands’ Provider of Critical Information & Competitive Intelligence
- Trans Mountain puts contractors on notice to get ready for pipeline restart
- Trans Mountain puts contractors on notice to get ready for pipeline restart
- Elections Canada aids in outing Foreign Funded Environmental lobbyists- Targeting foreign interference in the Federal election – Maureen McCall
- Five Things to Know in World Business Today
- Oil Steadies as Drop in U.S. Stockpiles Tempers Economic Worries
- U.S. Seen as Climate Risk With Two-Thirds of New Oil and Gas
- Bellatrix Announces Executive Management Changes
- Pembina buying Kinder Morgan Canada and U.S. portion of Cochin pipeline
- Pembina buying Kinder Morgan Canada and U.S. portion of Cochin pipeline
- The Serious Side of Slips Trips and Falls – AB Canada
- XI Technologies: How the scheduling and discounting of liabilities affects end of life cost estimates
- Black Powder Contamination Introduction: Formation, Composition, Facility Impacts
- Oil market starts to rebalance at lower prices
- GET INVOLVED! EnergyNow.ca Launches ENERGY STRONG CANADA GoFundMe Awareness & Advocacy Campaign – DETAILS & CONTRIBUTE HERE
- U.S. removed almost 2.7 mln barrels of Iranian oil from market
- 2015 North Dakota liquid gas spill much bigger than reported
- Alberta to limit oil production to end of 2020 as pipeline delays persist
- Oil Steadies as U.S.-China Trade Progress Allays Demand Concerns
- What A Revamped Alberta Energy Regulator (AER) SHOULD Look Like (After a Little History) – David Yager
- Five Things to Know in World Business Today
- Li Ka-shing’s Husky Bet Has Lost Over 80% in a Decade
- Connacher Announces Q2 2019 Results
- Exxon says production shut at Hibernia oil platform after power outage
- Join CNRL, Nova Chemical, Wood and Shell on 23rd Aug 9 AM MDT at our “Optimizing work scope and turnaround planning” Webinar
- Equalization: Statement from Premier Kenney – In Response to Quebec Premier Francois Legault
- Kenney says Legault has shaky grasp of history when it comes to equalization
- Saudi Aramco asks banks to pitch for roles in planned IPO-sources
- MEG Energy complains to Canada regulator over proposed Enbridge pipeline changes
- Bonterra Energy Corp. Reports Fluid Release at Central Alberta Well Site
- Line 3 protesters rally at Enbridge’s Bemidji office
- Husky Energy shares rise on analyst report about potential privatization
- Bonterra has 70 workers cleaning up oil spill site in Alberta creek
- Oil spills leave regulator unhappy with performance of N.L.’s offshore industry
- Blockchain Is Gunning for Oil and Gas – Geoffrey Cann
- Oil Rises as Drone Attack on Saudi Field Stokes Mideast Fears
- Coal-Loving Australia Is Third Biggest Emissions Exporter
- Petroteq Achieves Milestones in Emerging International Opportunities
- Saturn Oil & Gas Announces Second Half 2019 Drilling Program, Option Grant and Updated Corporate Presentation
- Precision Announces Reduced 2019 Capital Expenditure Plan and Board Approval of Normal Course Issuer Bid
- Big Six Bank Earnings in Focus After Volatile Week in Canada
- Five Things to Know in World Business Today
- U.S. Oil Companies Persuade States to Make Pipeline Protests a Felony
- Battery Startup With $4.5 Billion Plan Has Vision for Nordic Hub
- Pipeline rupture sends 40,000 litres of oil into Alberta creek
- COMMENTARY: Saudi Arabia Makes a Promise That It Just Can’t Keep: Julian Lee
- Power outage causes oil spill off N.L., Canadian Coast Guard notified
- Eye on Energy: Stock Markets Get Shafted Last Week – Josef Schachter
- HY-LOK CANADA: YOUR SOURCE FOR LEADING DOUBLE BLOCK AND BLEED VALVES
- OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus
- Husky to resume full production at White Rose field
- ‘Marvelous Mrs. Maisel’ promotion jams up Los Angeles
- OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus
- BP publishes LNG contract templates to push industry standardization
- Perpetual Energy Inc. Receives Favourable Decision Relating to the Ongoing Sequoia Litigation
- Bid for Inter Pipeline highlights Canada’s oil sector bright spot
- Oilsands firms considering diluent recovery units to boost crude-by-rail volumes
- Five Things to Know in World Business Today
- Windmills and Batteries to Attract Billions in the Green Energy Revolution – The New Energy Landscape
- Oil Heads for Weekly Gain as Trade War Headlines Whipsaw Market
- Heavy differential widens as trade cycle wraps up
- Altura Energy Inc. Announces Second Quarter 2019 Financial and Operating Results
- Pipestone Energy Corp. Appoints Chief Operating Officer and Closing of the Previously Announced Midstream Transaction
- Cordy Oilfield Services Inc. Reports Second Quarter 2019 Results
- Marksmen Announces Final Closing of Private Placement
- World Demand for Heavy Sour Oil Grades is increasing but is Canada missing out due to pipeline roadblocks? – Maureen McCall
- Column: Canada’s dependence on imported fossil fuels reaches a whole new level – Stewart Muir
- Continental Resources CEO urges OPEC, shale oil output cuts
- Five Things to Know in World Business Today
- Green Flops: Why Some Promising Cleantech Ideas Didn’t Work Out
- Oil Holds Losses as U.S. Stockpile Gain Adds to Recession Fears
- A Greener Energy Industry Is Testing Investors’ Ability to Adapt
- Birchcliff Energy Ltd. Announces Strong Q2 2019 Results Resulting in an Expanded 2019 Capital Program
- Energy Stocks in Canada ‘Decoupling’ From Oil Seen as Worst Ever
- Zargon Oil & Gas Ltd. Provides 2019 Second Quarter Results
- Eagle Energy Inc. Announces Submission to Transfer Listing to the TSX Venture Exchange
- Birchcliff Energy Ltd. Announces Strong Q2 2019 Results Resulting in an Expanded 2019 Capital Program August 14, 20192:00 PM Globe Newswire CALGARY, Alberta, Aug. 14, 2019 (GLOBE NEWSWIRE) — Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its financial and operational results for the three and six months ended June 30, 2019 and an expanded 2019 capital program. Birchcliff’s unaudited interim condensed financial statements for the three and six months ended June 30, 2019 and related management’s discussion and analysis (the “MD&A”) will be available on its website at www.birchcliffenergy.com and on SEDAR at www.sedar.com. Birchcliff is also pleased to provide an operational update, including encouraging results from its recent well pads brought on production in Pouce Coupe and Gordondale. “We had strong results in the second quarter, which were underpinned by the strong performance of our assets and our new oil and liquids-rich wells, the successful execution of our capital program, our record low operating costs and our natural gas market diversification initiatives. Our average production for the quarter was 78,453 boe/d, which was ahead of our internal budget and represents a 3% increase from Q2 2018. Given these production results, we expect that we would have achieved the mid-point of our 2019 annual average production guidance of 76,000 to 78,000 boe/d, before taking into account the expansion to our 2019 capital program,” commented Jeff Tonken, President and Chief Executive Officer of Birchcliff. “As a result of our achievements year-to-date and our strong quarterly results and balance sheet, we have determined to drill an additional 7 (7.0 net) horizontal wells in 2019, all of which are expected to be on-stream by November 1, 2019. Accordingly, we have increased our capital budget by $38 million to $242 million. We anticipate that this additional capital will allow us to maintain production in 2020 at or near current levels and reduce the amount of capital that we will need to spend in 2020. Notwithstanding this increase, our capital expenditures in 2019 are still expected to be significantly less than our forecast of 2019 adjusted funds flow. Based on the strong performance of our wells and the expansion to our capital program, we are increasing our 2019 annual average production guidance to 77,000 to 79,000 boe/d.” Q2 2019 Highlights Production averaged 78,453 boe/d (6% light oil, 7% condensate, 9% NGLs and 78% natural gas), a 3% increase from Q2 2018. Liquids production weighting increased by 3% from Q1 2019 and by 8% from Q2 2018. Adjusted funds flow of $74.0 million, or $0.28 per basic common share, a 2% increase and a 4% increase, respectively, from Q2 2018. Birchcliff generated $6.0 million of free funds flow in Q2 2019. Net loss to common shareholders of $9.5 million, or $0.04 per basic common share as compared to the net income to common shareholders of $6.4 million and $0.02 per basic common share in Q2 2018. Included in the net loss is an after-tax unrealized mark-to-market loss on financial instruments of $35.7 million, or $0.13 per basic common share, and a future income tax recovery of $18.9 million, or $0.07 per basic common share, resulting from the change in Alberta’s corporate income tax rate from 12% to 8% over the next four years. Record low operating expense of $3.17/boe, a 6% decrease from Q2 2018. Operating netback of $11.38/boe, a 14% decrease from Q2 2018. Birchcliff drilled 5 (5.0 net) wells and brought 14 (14.0 net) wells on production. F&D capital expenditures were $67.9 million, which were approximately $6.0 million (9%) less than Birchcliff’s Q2 2019 adjusted funds flow. Total capital expenditures were $68.5 million. As at June 30, 2019, Birchcliff’s long-term bank debt was $622.3 million and its total debt was $654.7 million, a 1% increase and a 1% decrease, respectively, from its long-term and total debt as at June 30, 2018. Encouraging Initial Production Rates in Pouce Coupe and Gordondale Birchcliff’s 14-06-079-12W6M six-well pad in Pouce Coupe had an aggregate average production rate of 6,350 boe/d (27.9 MMcf/d of raw natural gas and 1,690 bbls/d of condensate) during the initial 30 days of production. Birchcliff’s 01-10-078-11W6M five-well pad in Gordondale had an aggregate average production rate of 4,446 boe/d (2,114 bbls/d of oil and 14.0 MMcf/d of raw natural gas) during the initial 30 days of production. Expanded 2019 Capital Program and Revised Guidance Birchcliff has expanded its 2019 capital program (the “2019 Capital Program”) to include the drilling and bringing on production of an additional 7 (7.0 net) HZ wells in 2019. F&D capital expenditures are now expected to be $242 million. Birchcliff expects to generate approximately $335 million of adjusted funds flow and $93 million of free funds flow (adjusted funds flow less F&D capital expenditures) in 2019. SECOND QUARTER 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS Three months ended June 30, Six months ended June 30, 2019 2018(5) 2019 2018(5) OPERATING Average production Light oil – (bbls/d) 4,853 5,599 4,827 4,872 Condensate – (bbls/d)(1) 5,505 3,934 4,963 3,808 NGLs – (bbls/d)(1) 6,923 6,036 6,834 5,816 Natural gas – (Mcf/d) 367,033 364,360 360,327 370,880 Total – boe/d 78,453 76,296 76,678 76,309 Average realized sales price (CDN$)(2) Light oil – (per bbl) 72.25 79.55 69.20 76.33 Condensate – (per bbl)(1) 71.69 87.52 68.93 85.35 NGLs – (per bbl)(1) 11.13 21.94 14.36 23.46 Natural gas – (per Mcf) 1.95 2.01 2.73 2.37 Total – per boe 19.59 21.68 22.92 22.45 NETBACK AND COST ($/boe) Petroleum and natural gas revenue(2) 19.59 21.69 22.93 22.45 Royalty expense (0.75 ) (1.53 ) (0.98 ) (1.48 ) Operating expense (3.17 ) (3.36 ) (3.28 ) (3.57 ) Transportation and other expense (4.29 ) (3.64 ) (4.45 ) (3.60 ) Operating netback ($/boe) 11.38 13.16 14.22 13.80 G&A expense, net (0.87 ) (0.88 ) (0.89 ) (0.88 ) Interest expense (0.92 ) (0.96 ) (0.97 ) (0.96 ) Realized gain (loss) on financial instruments 0.74 (0.93 ) 1.34 (0.69 ) Other income 0.03 0.03 0.03 0.03 Adjusted funds flow netback ($/boe) 10.36 10.42 13.73 11.30 Depletion and depreciation expense (7.40 ) (7.60 ) (7.47 ) (7.50 ) Unrealized gain (loss) on financial instruments (6.50 ) 0.36 (6.14 ) (0.43 ) Other expenses(3) (1.17 ) (1.47 ) (0.76 ) (0.90 ) Dividends on Series C preferred shares (0.12 ) (0.13 ) (0.13 ) (0.13 ) Income tax recovery (expense) 3.65 (0.51 ) 1.37 (0.71 ) Net income (loss) ($/boe) (1.18 ) 1.07 0.60 1.63 Dividends on Series A preferred shares (0.15 ) (0.15 ) (0.15 ) (0.15 ) Net income (loss) to common shareholders ($/boe) (1.33 ) 0.92 0.45 1.48 FINANCIAL Petroleum and natural gas revenue ($000s)(2) 139,857 150,561 318,212 310,092 Cash flow from operating activities ($000s) 97,857 71,825 192,601 163,678 Adjusted funds flow ($000s) 73,957 72,369 190,605 156,027 Per common share – basic ($) 0.28 0.27 0.72 0.59 Per common share – diluted ($) 0.28 0.27 0.72 0.58 Net income (loss) ($000s) (8,458 ) 7,437 8,388 22,562 Net income (loss) to common shareholders ($000s) (9,505 ) 6,390 6,294 20,468 Per common share – basic ($) (0.04 ) 0.02 0.02 0.08 Per common share – diluted ($) (0.04 ) 0.02 0.02 0.08 Common shares outstanding (000s) End of period – basic 265,935 265,845 265,935 265,845 End of period – diluted 287,381 285,253 287,381 285,253 Weighted average common shares for period – basic 265,933 265,820 265,924 265,809 Weighted average common shares for period – diluted 265,933 267,773 266,297 266,793 Dividends on common shares ($000s) 6,981 6,646 13,961 13,291 Dividends on Series A preferred shares ($000s) 1,047 1,047 2,094 2,094 Dividends on Series C preferred shares ($000s) 875 875 1,750 1,750 Total capital expenditures ($000s)(4) 68,532 66,464 200,490 199,608 Long-term debt ($000s) 622,282 617,291 622,282 617,291 Adjusted working capital deficit ($000s) 32,427 44,118 32,427 44,118 Total debt ($000s) 654,709 661,409 654,709 661,409 (1) Beginning in Q1 2019, Birchcliff began presenting condensate and NGLs separately. Prior period sales and volumes have been adjusted to conform to this current period presentation. (2) Excludes the effects of financial instruments but includes the effects of physical delivery contracts. (3) Includes non-cash expenses such as compensation, accretion, amortization of deferred financing fees and other losses. (4) See “Advisories – Capital Expenditures”. Total capital expenditures for the six months ended June 30, 2019 include the $39 million Acquisition (as defined below). (5) Birchcliff adopted IFRS 16: Leases effective January 1, 2019 using the modified retrospective approach; therefore 2018 comparative information has not been restated. This press release contains forward-looking statements within the meaning of applicable securities laws. For further information regarding the forward-looking statements contained herein, please see “Advisories – Forward-Looking Statements”. In addition, this press release contains references to “adjusted funds flow”, “adjusted funds flow per common share”, “free funds flow”, “operating netback”, “adjusted funds flow netback”, “total cash costs”, “adjusted working capital deficit” and “total debt”, which do not have standardized meanings prescribed by GAAP. For further information regarding these non-GAAP measures, please see “Non-GAAP Measures”. Q2 2019 FINANCIAL AND OPERATIONAL RESULTS FINANCIAL RESULTS Production Birchcliff’s production averaged 78,453 boe/d in Q2 2019, a 3% increase from 76,296 boe/d in Q2 2018. The increase was primarily attributable to the incremental production from new horizontal oil wells in Gordondale and horizontal condensate-rich natural gas wells in Pouce Coupe that were brought on production in Q2 2019, partially offset by production curtailments on the NGTL and TCPL Canadian Mainline systems and natural production declines. Production consisted of approximately 6% light oil, 7% condensate, 9% NGLs and 78% natural gas in Q2 2019 as compared to 7% light oil, 5% condensate, 8% NGLs and 80% natural gas in Q2 2018. Birchcliff’s liquids production weighting increased by 8% from Q2 2018. The change in the commodity production mix was primarily attributable to the addition of condensate-rich natural gas wells in Pouce Coupe and an increase in C3+ recovered from the natural gas stream at Birchcliff’s 100% owned and operated natural gas processing plant located in Pouce Coupe (the “Pouce Coupe Gas Plant”). Production from Pouce Coupe was 51,746 boe/d (66% of total corporate production) in Q2 2019 as compared to 47,761 boe/d (63% of total corporate production) in Q2 2018. Production from Gordondale was 26,703 boe/d (34% of total corporate production) in Q2 2019 as compared to 28,308 boe/d (37% of total corporate production) in Q2 2018. Adjusted Funds Flow Birchcliff’s adjusted funds flow for Q2 2019 was $74.0 million, or $0.28 per basic common share, a 2% increase and a 4% increase, respectively, from $72.4 million and $0.27 per basic common share in Q2 2018. The increases were primarily due to lower royalty expense and a realized gain on financial instruments in Q2 2019 as compared to a realized loss on financial instruments in Q2 2018, largely offset by an increase in transportation and other expense as a result of Birchcliff’s increased Dawn and AECO firm service and lower reported revenue. Revenue received by the Corporation was lower mainly due to a decrease in the average realized liquids pricing, partially offset by increased production of high-value condensate in Pouce Coupe. Net Loss to Common Shareholders Birchcliff recorded a net loss to common shareholders of $9.5 million, or $0.04 per basic common share, in Q2 2019 as compared to net income to common shareholders of $6.4 million and $0.02 per basic common share in Q2 2018. The change to a net loss position from a net income position was primarily due to a $46.4 million unrealized mark-to-market loss on financial instruments recorded in Q2 2019 as compared to a $2.5 million unrealized mark-to-market gain on financial instruments in Q2 2018, partially offset by a $26.1 million income tax recovery in Q2 2019 as compared to a $3.6 million income tax expense in Q2 2018. The unrealized mark-to-market loss on financial instruments on an after-tax basis was $35.7 million, or $0.13 per basic common share. Included in the $26.1 million income tax recovery in Q2 2019 was approximately $18.9 million related to the reduction in future income tax liability resulting from the change in Alberta’s corporate income tax rate from 12% to 8% over the next four years. Operating Expense Birchcliff’s operating expense was $3.17/boe in Q2 2019, a 6% decrease from $3.36/boe in Q2 2018. The decrease was primarily due to: (i) a step-down reduction in natural gas processing fees which became effective January 1, 2019 at AltaGas’ deep-cut sour gas processing facility in Gordondale; (ii) reduced take-or-pay processing commitments in Pouce Coupe beginning in November 2018, which resulted in natural gas being redirected from third-party facilities to the Pouce Coupe Gas Plant; and (iii) increased operating efficiencies resulting from expanded liquids-handling capabilities in Pouce Coupe. Transportation and Other Expense Birchcliff’s transportation and other expense was $4.29/boe in Q2 2019, an 18% increase from $3.64/boe in Q2 2018. The increase was primarily due to an additional 30,000 GJ/d of firm service transportation to Dawn which became available on November 1, 2018 and unused firm transportation costs associated with Birchcliff’s commitments on the NGTL system. G&A Expense Birchcliff’s G&A expense was $0.87/boe in Q2 2019, a 1% decrease from $0.88/boe in Q2 2018. The decrease was primarily due to higher corporate production, with no significant change to aggregate G&A expense. Interest Expense Birchcliff’s interest expense was $0.92/boe in Q2 2019, a 4% decrease from $0.96/boe in Q2 2018. The decrease was primarily due to higher corporate production, with no significant change to aggregate interest expense. Total Cash Costs Birchcliff’s total cash costs were $10.00/boe in Q2 2019, a 4% decrease from $10.37/boe in Q2 2018. The decrease was primarily due to lower per boe royalty and operating expenses, partially offset by higher transportation and other expense. Operating Netback Birchcliff’s operating netback was $11.38/boe in Q2 2019, a 14% decrease from $13.16/boe in Q2 2018. The decrease was primarily due to a 10% decrease in the corporate average realized sales price, partially offset by lower per boe total cash costs as noted above. Pouce Coupe Gas Plant Netbacks During the six months ended June 30, 2019, Birchcliff processed approximately 69% of its total corporate natural gas production and 59% of its total corporate production through the Pouce Coupe Gas Plant as compared to 67% and 57%, respectively, during the six months ended June 30, 2018. The following table sets forth Birchcliff’s average daily production and operating netback for wells producing to the Pouce Coupe Gas Plant for the periods indicated: Six months ended June 30, 2019 Six months ended June 30, 2018 Average production: Condensate (bbls/d) 3,272 2,147 NGLs (bbls/d) 753 51 Natural gas (Mcf/d) 246,920 249,317 Total (boe/d) 45,178 43,751 Liquids-to-gas ratio (bbls/MMcf) 16.3 8.8 Netback and cost: $/Mcfe $/boe $/Mcfe $/boe Petroleum and natural gas revenue(1) 3.38 20.30 2.91 17.49 Royalty expense (0.06 ) (0.35 ) (0.05 ) (0.29 ) Operating expense(2) (0.39 ) (2.34 ) (0.39 ) (2.36 ) Transportation and other expense (0.75 ) (4.55 ) (0.55 ) (3.33 ) Operating netback $2.18 $13.06 $1.92 $11.51 Operating margin(3) 64 % 64 % 66 % 66 % (1) Excludes the effects of financial instruments but includes the effects of physical delivery contracts. Please see “Q2 2019 Financial and Operational Results – Financial Results – Risk Management”. (2) Represents plant and field operating expense. (3) Operating margin is calculated by dividing the operating netback for the period by the petroleum and natural gas revenue for the period. Birchcliff’s liquids-to-gas ratio increased by 85% as compared to the six months ended June 30, 2018 primarily due to: (i) the re-configuration of Phases V and VI of the Pouce Coupe Gas Plant in Q4 2018 which provided for shallow-cut capability, allowing Birchcliff to extract C3+ from the natural gas stream; and (ii) specifically targeted condensate-rich natural gas wells in Pouce Coupe. The amount of condensate being produced at the Pouce Coupe Gas Plant increased by 52% as compared to the six months ended June 30, 2018. The increase in the liquids-to-gas ratio improved Birchcliff’s average realized sales price and operating netback at the Pouce Coupe Gas Plant. Debt At June 30, 2019, Birchcliff had significant liquidity with long-term bank debt of $622.3 million (June 30, 2018: $617.3 million) from credit facilities in the aggregate principal amount of $1.0 billion (June 30, 2018: $950.0 million), leaving $357.6 million of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized interest and fees. Total debt at June 30, 2019 was $654.7 million as compared to $661.4 million at June 30, 2018. As previously disclosed in Birchcliff’s press release dated May 15, 2019, the agreement governing Birchcliff’s extendible revolving credit facilities (the “Credit Facilities”) was amended effective May 10, 2019 to: (i) extend the maturity dates of each of the extendible revolving syndicated term credit facility (the “Syndicated Credit Facility”) and the extendible revolving working capital facility (the “Working Capital Facility”) from May 11, 2021 to May 11, 2022; and (ii) increase the borrowing base limit to $1.0 billion from $950.0 million, with the Syndicated Credit Facility being increased to $900.0 million from $850.0 million and the Working Capital Facility remaining at $100.0 million. The Credit Facilities do not contain any financial maintenance covenants. Commodity Prices The following table sets forth the average benchmark index prices and Birchcliff’s average realized sales prices for the periods indicated: Three months ended June 30, 2019 Three months ended June 30, 2018 % Change Average benchmark index prices: Light oil – WTI Cushing (US$/bbl) 59.79 67.88 (12 %) Light oil – MSW (Mixed Sweet) (CDN$/bbl)(1) 73.18 80.30 (9 %) Natural gas – NYMEX HH (US$/MMBtu)(2) 2.64 2.83 (7 %) Natural gas – AECO 5A Daily (CDN$/GJ) 0.98 1.12 (13 %) Natural gas – AECO 7A Month Ahead (US$/MMBtu)(2) 0.87 0.80 9 % Natural gas – Dawn Day Ahead (US$/MMBtu)(2) 2.34 2.77 (16 %) Natural gas – ATP 5A Day Ahead (CDN$/GJ) 1.17 1.46 (20 %) Exchange rate (CDN$ to US$1) 1.3376 1.2911 4 % Exchange rate (US$ to CDN$1) 0.7476 0.7745 (3 %) Birchcliff’s average realized sales prices:(3) Light oil (CDN$/bbl) 72.25 79.55 (9 %) Condensate (CDN$/bbl) 71.69 87.52 (18 %) NGLs (CDN$/bbl) 11.13 21.94 (49 %) Natural gas (CDN$/Mcf) 1.95 2.01 (3 %) Birchcliff’s average realized sales price (CDN$/boe) 19.59 21.68 (10 %) (1) Previously referred to as the “Edmonton Par price”. (2) $1.00/MMBtu = $1.00/Mcf based on a standard heat value Mcf. Please see “Advisories – MMBtu Pricing Conversions”. (3) Excludes the effects of financial instruments but includes the effects of physical delivery contracts. Marketing and Natural Gas Market Diversification Birchcliff continues to be strategic and opportunistic in advancing its market access initiatives. The Corporation actively monitors market conditions and executes a marketing strategy that diversifies its sales portfolio to ensure that production gets to market at optimal pricing. Birchcliff also proactively secures takeaway capacity for future development projects and uses excess transportation capacity to mitigate the impact of third-party infrastructure outages. Birchcliff’s physical natural gas sales exposure currently consists of AECO, Dawn and Alliance markets. In addition, the Corporation has various financial instruments outstanding that provide it with exposure to NYMEX HH pricing. Please see “Q2 2019 Financial and Operational Results – Financial Results – Risk Management”. The following table details Birchcliff’s effective sales, production and average realized sales price for natural gas and liquids for Q2 2019, after taking into account the Corporation’s financial instruments: Three months ended June 30, 2019 Effective sales (CDN$000s) Percentage of total sales (%) Effective production (per day) Percentage of total natural gas production (%) Percentage of total corporate production (%) Effective average realized sales price (CDN$) Markets AECO(1) 12,760 9 126,321 Mcf 34 27 1.11/Mcf Dawn 41,104 28 135,953 Mcf 37 29 3.32/Mcf Alliance 1,856 1 13,727 Mcf 4 3 1.49/Mcf NYMEX HH(2) 15,355 11 91,032 Mcf 25 19 1.85/Mcf Total natural gas 71,075 49 367,033 Mcf 100 78 2.13/Mcf Light oil 31,907 22 4,853 bbls 6 72.25/bbl Condensate 35,906 25 5,504 bbls 7 71.69/bbl NGLs 7,011 4 6,923 bbls 9 11.13/bbl Total liquids 74,824 51 17,280 bbls 22 47.58/bbl Total corporate 145,899 100 78,453 boe 100 20.44/boe (1) A portion of AECO 5A sales and production that effectively received NYMEX HH pricing under Birchcliff’s long-term physical and financial NYMEX/AECO 7A basis swap contracts has been included as effective sales and production in NYMEX HH markets. Any impact from the sales pricing variance between the average AECO 5A and AECO 7A benchmark price during the period has also been included as effective sales in NYMEX HH markets. (2) Birchcliff sold AECO 7A basis swaps for 100,000 MMBtu/d at an average contract price of NYMEX less US$1.28/MMBtu during Q2 2019. Effectively 91% of the Corporation’s sales revenue, representing 66% of its total natural gas production and 73% of its total corporate production, was generated from markets outside of AECO in Q2 2019, after taking into account its liquids sales and long-term financial NYMEX/AECO basis swap position. The following table sets forth Birchcliff’s sales, production, average realized sales price, transportation costs and natural gas sales netback by natural gas market for the periods indicated, before taking into account the Corporation’s financial instruments: Three months ended June 30, 2019 Natural gas sales(1) (CDN$000s) Percentage of natural gas sales (%) Natural gas production (Mcf/d) Percentage of natural gas production (%) Average realized natural gas sales price(1) (CDN$/Mcf) Natural gas transportation costs(2) (CDN$/Mcf) Natural gas sales netback(3) (CDN$/Mcf) AECO 22,049 34 217,353 59 1.11 0.32 0.79 Dawn(4) 41,104 63 135,953 37 3.32 1.38 1.94 Alliance(5) 1,856 3 13,727 4 1.49 –(5) 1.49 Total 65,009 100 367,033 100 1.95 0.71 1.24 Three months ended June 30, 2018 Natural gas sales(1) (CDN$000s) Percentage of natural gas sales (%) Natural gas production (Mcf/d) Percentage of natural gas production (%) Average realized natural gas sales price(1) (CDN$/Mcf) Natural gas transportation costs(2) (CDN$/Mcf) Natural gas sales netback(3) (CDN$/Mcf) AECO 25,092 38 219,135 60 1.27 0.29 0.98 Dawn(4) 37,542 56 108,950 30 3.79 1.34 2.45 Alliance(5) 3,985 6 36,275 10 1.21 –(5) 1.21 Total 66,619 100 364,360 100 2.01 0.58 1.43 (1) Excludes the effects of financial instruments but includes the effects of physical delivery contracts. (2) Reflects costs to transport natural gas from the field receipt point to the delivery sales trading hub. (3) Natural gas sales netback denotes the average realized natural gas sales price less natural gas transportation costs. (4) Birchcliff has agreements for the firm service transportation of an aggregate of 175,000 GJ/d of natural gas on TCPL’s Canadian Mainline for a 10-year term, whereby natural gas is transported to the Dawn trading hub in Southern Ontario. The first tranche of this service (120,000 GJ/d) became available on November 1, 2017 and the second tranche (30,000 GJ/d) became available on November 1, 2018, bringing the total to 150,000 GJ/d. The last tranche of service (25,000 GJ/d) will become available on November 1, 2019. (5) Birchcliff has sales agreements with a third party marketer to sell and deliver into the Alliance pipeline system. Alliance sales are recorded net of transportation tolls. The Corporation’s average realized natural gas sales price was $1.95/Mcf in Q2 2019, an 89% premium to the average AECO 5A benchmark price of $1.03/Mcf in the quarter. During Q2 2019, approximately 66% of Birchcliff’s natural gas sales revenue, representing approximately 41% of its total natural gas production, was generated from the Dawn and Alliance markets with an average realized natural gas sales price of $3.15/Mcf, a 184% premium to Birchcliff’s average realized natural gas sales price of $1.11/Mcf from the AECO market in Q2 2019. Birchcliff’s average realized natural gas sales netback from the Dawn and Alliance markets was $1.90/Mcf, a 141% premium to its realized natural gas sales netback of $0.79/Mcf from the AECO market in Q2 2019. For information regarding Birchcliff’s natural gas market exposure during 2019, please see “Outlook and Guidance”. Risk Management Birchcliff engages in risk management activities by utilizing various financial instruments and physical delivery contracts to diversify its sales points or fix commodity prices and market interest rates, including NYMEX/AECO basis swaps which fix the basis differential between AECO and NYMEX HH prices, effectively providing for a floating NYMEX HH price. Birchcliff realized a cash gain on financial instruments of $5.3 million in Q2 2019 as compared to a realized cash loss of $6.5 million in Q2 2018. The realized gain was primarily due to the settlement of financial NYMEX/AECO basis swap contracts that were outstanding in the period with an average basis differential that was above the average contract basis in Q2 2019. Birchcliff recorded an unrealized non-cash loss of $46.4 million on financial instruments in Q2 2019 due to a decrease in the fair value of its financial instruments from a net asset position of $21.3 million at March 31, 2019 to a net liability position of $25.1 million at June 30, 2019. The fair value of the net asset or liability is the estimated value to settle outstanding financial contracts at a point in time. The decrease in the fair value of Birchcliff’s financial instruments during Q2 2019 was primarily attributable to the decrease in the forward basis spread between NYMEX HH and AECO 7A for contracts outstanding at June 30, 2019 as compared to March 31, 2019 and the settlement of financial contracts in Q2 2019. The unrealized gains and losses on financial NYMEX HH basis contracts can fluctuate materially from period-to-period due to movement in the forward NYMEX HH and AECO 7A strip prices. Unrealized gains and losses on financial instruments do not impact adjusted funds flow and may differ materially from the actual gains or losses realized on the eventual cash settlement of financial contracts in a period. For further information regarding Birchcliff’s risk management program, including a summary of Birchcliff’s outstanding risk management contracts as at June 30, 2019, please see note 13 to the Corporation’s unaudited interim condensed financial statements for the three and six months ended June 30, 2019 and the MD&A under the heading “Discussion of Operations – Risk Management”. OPERATIONAL RESULTS Overview Birchcliff’s operations are concentrated within its one core area, the Peace River Arch of Alberta, which is centred northwest of Grande Prairie, Alberta adjacent to the Alberta/British Columbia border, where the Corporation is focused on its high-quality Montney/Doig Resource Play and the exploration and development of its low-cost natural gas, crude oil and liquids-rich assets. Within the Montney/Doig Resource Play, Birchcliff’s operations are primarily concentrated in the Pouce Coupe and Gordondale areas of Alberta where it owns large contiguous blocks of high working interest land and the Corporation continues to implement various initiatives in order to capitalize on its large contiguous land base. Birchcliff’s strong capital and operating efficiencies are supported by the fact that it owns and operates many of its own facilities, including the Pouce Coupe Gas Plant. In addition, Birchcliff is the operator of predominantly 100% working interest lands, which allows it to have greater control over its costs and its pace of development and greater flexibility to target liquids. Birchcliff is also focused on continuous improvements in all aspects of its business. In 2019, Birchcliff is continuing to pilot innovative technologies in its drilling and completions operations in order to achieve better well results and maximize return on capital. Capital Activities and Investment During Q2 2019, Birchcliff’s capital activities were primarily directed towards drilling and completion activities. Total capital expenditures in the quarter were $68.5 million, with total capital expenditures of $32.6 million in Pouce Coupe and $35.4 million in Gordondale. F&D capital expenditures in Q2 2019 were $67.9 million. The following table sets forth the number of wells drilled and brought on production in Q2 2019: Area Total wells drilled in Q2 2019 Total wells brought on production in Q2 2019 Pouce Coupe Montney D1 horizontal natural gas wells 1 4 Montney D2 horizontal natural gas wells 0 1 Montney C horizontal natural gas wells 1 1 Total – Pouce Coupe 2 6 Gordondale Montney D2 horizontal oil wells 2 5 Montney D1 horizontal oil wells 1 3 Total – Gordondale 3 8 TOTAL – COMBINED 5 14 OPERATIONAL UPDATE Achievements Year-to-Date Birchcliff has been very active in its execution of the 2019 Capital Program. By the end of Q2 2019, Birchcliff had completed the drilling of all 17 (17.0 net) wells that were originally contemplated under the program, 100% of which were successful, and had brought on production all 26 (26.0 net) wells as originally planned, including 9 wells that were drilled and rig released in 2018. Additionally, Birchcliff has accomplished the following: Strong Production – Birchcliff has seen strong production rates from its wells brought on production in 2019, with wells meeting or exceeding expectations, and the Corporation’s average production for Q2 2019 was ahead of its internal budget. Given Birchcliff’s production results, it expects that it would have achieved the mid-point of its previous 2019 annual average production guidance of 76,000 to 78,000 boe/d. Liquids Success – The 2019 Capital Program is focused on the drilling of condensate-rich natural gas wells in Pouce Coupe and crude oil wells in Gordondale. Birchcliff has been encouraged with the results of the wells brought on production year-to-date, with strong condensate rates from its Pouce Coupe wells and strong oil rates from its Gordondale wells. The Corporation recently brought on production a six-well pad in Pouce Coupe and a five-well pad in Gordondale, both of which have had encouraging initial production rates as discussed in further detail below. As a result of the Corporation’s increased focus on liquids, Birchcliff’s liquids production weighting for Q2 2019 increased by 8% as compared to Q2 2018. Capital Program and Infrastructure – All major capital projects completed year-to-date were on budget and on time. Birchcliff has completed or advanced several infrastructure projects in 2019 which will help provide for operational efficiencies and future growth: ○ The Corporation completed the construction of two pipeline connections between its Pouce Coupe and Gordondale areas. The first connection allows Birchcliff to flow natural gas between the two areas, which helps to reduce downtime and operating costs. The second connection allows Birchcliff to flow condensate from Pouce Coupe to its large oil batteries in Gordondale, which enables the Corporation to blend oil and condensate, resulting in better pricing and netbacks on its liquids. ○ In Pouce Coupe, Birchcliff has initiated the construction of a 20,000 bbls/d inlet liquids-handling facility at the Pouce Coupe Gas Plant which will give it the ability to grow its condensate production in Pouce Coupe from 3,000 to 10,000 bbls/d. It is anticipated that this facility will be brought online in Q3 2020. ○ In Gordondale, Birchcliff completed the construction of a pipeline to debottleneck the southeastern part of the field. In addition, Birchcliff recently installed and commissioned a related field compressor resulting in an increase in production from the drop in line pressure. Solid Adjusted Funds Flow and Free Funds Flow – Birchcliff generated $74.0 million and $190.6 million of adjusted funds flow, respectively, for the three and six months ended June 30, 2019. Birchcliff’s F&D capital expenditures for Q2 2019 were 9% less than its adjusted funds flow in Q2 2019 and its F&D capital expenditures for the six months ended June 30, 2019 were 20% less than its adjusted funds flow for the same period. Birchcliff generated $6.0 million and $31.2 million of free funds flow, respectively, for the three months and six months ended June 30, 2019. Expanded 2019 Capital Program As a result of Birchcliff’s achievements year-to-date and its strong quarterly results and balance sheet, Birchcliff has expanded the 2019 Capital Program to include the drilling of an additional 7 (7.0 net) horizontal wells in 2019, consisting of 3 condensate-rich natural gas wells in Pouce Coupe and 4 oil wells in Gordondale. It is anticipated that all of these wells will be brought on production by November 1, 2019. In total, the expanded 2019 Capital Program contemplates the drilling of 24 (24.0 net) wells and the bringing on production of 33 (33.0 net) wells. As a result of this expansion, Birchcliff has increased its 2019 F&D capital budget to $242 million from $204 million. Notwithstanding this increase, Birchcliff’s capital expenditures in 2019 are still expected to be significantly less than its forecast of 2019 adjusted funds flow and Birchcliff anticipates that it will generate significant free funds flow in 2019. See “Outlook and Guidance”. Benefits of Expanded Capital Program Birchcliff expects that this additional capital investment in 2019 will result in a number of benefits, including the following: A more efficient capital spending profile in 2020, reducing the amount of capital needed to be spent by Birchcliff in 2020. This more efficient capital spending profile is also expected to result in a more consistent production profile in 2020 and allow Birchcliff to maintain annual average production in 2020 at or near current levels. Efficiencies resulting from load levelling operational activities as employees and contractors will be able to work at a steadier pace throughout 2019 and 2020. Birchcliff’s 2019 annual average production is expected to increase by approximately 1,000 boe/d as the additional wells are expected to be brought on production by November 1, 2019. An increase to Birchcliff’s 2019 and 2020 adjusted funds flow as a result of the additional production volumes. Furthermore, as the additional wells are expected to be brought on production by November 1, 2019, Birchcliff expects to be able to take advantage of the higher natural gas prices at AECO that are typically seen in the winter. As a result, Birchcliff has increased its 2019 guidance for adjusted funds flow to $335 million from $330 million. This additional capital investment, which is focused on oil and condensate-rich natural gas wells, is expected to generate positive rates of return in the current environment. Birchcliff will be able to add the additional production volumes at a very low cost, as it can utilize existing processing capacity that is available at the Pouce Coupe Gas Plant and unutilized transportation capacity that is available on the NGTL system. Capital Spending Allocation The following table sets forth details regarding Birchcliff’s expected capital spending allocation under the expanded 2019 Capital Program and a comparison to the original 2019 Capital Program: Classification Gross Wells Net Wells Capital (MM) Change in Capital Previous(1) Revised Previous(1) Revised Previous(1) Revised Drilling and Development Pouce Coupe(2)(3) Montney D1 horizontal natural gas wells 6 9 6.0 9.0 $34.8 $49.3 42% Montney D2 horizontal natural gas wells 2 2 2.0 2.0 $11.4 $12.3 8% Montney C horizontal natural gas wells 1 1 1.0 1.0 $6.2 $6.0 (3%) Gordondale(2)(3) Montney D2 horizontal oil wells 5 7 5.0 7.0 $27.4 $38.2 39% Montney D1 horizontal oil wells 3 5 3.0 5.0 $16.2 $26.3 62% Additional Well Completions Capital – – – – $26.2(4) $25.3(4) (3%) Total Drilling and Development 17 24 17.0 24.0 $122.2 $157.4 29% Facilities and Infrastructure(5) $33.9 $35.1 4% Maintenance and Optimization $22.8 $24.7 8% Land and Seismic(6) $8.4 $8.6 2% Other $16.7 $16.2 (3%) TOTAL(7) $204.0 $242.0(8) 19% (1) As previously disclosed on February 13, 2019. (2) On a DCCET basis, the average well cost in 2019 is estimated to be $5.7 million for Pouce Coupe and $5.6 million (previously $5.8 million) for Gordondale. These costs can vary depending on factors such as the size of the associated multi-well pads, the costs of construction, the existence of pipelines and other infrastructure and the distance to existing or planned pipelines and other infrastructure. (3) On a DCCET basis. (4) The amount disclosed in the “Previous” column represented the estimated completion, equipping and tie-in costs associated with the 9 (9.0 net) wells that were drilled and rig released in Q4 2018, as the amount of the actual costs was not yet known when the previous 2019 Capital Program was disclosed on February 13, 2019. The amount disclosed in the “Revised” column represents the actual completion, equipping and tie-in costs associated with such wells. (5) Includes capital for the inlet liquids-handling facility at the Pouce Coupe Gas Plant and other infrastructure enhancement projects, pipeline twinning and replacements and water storage. Birchcliff plans on spending approximately $9.5 million on the associated engineering and long-lead equipment for the inlet liquids-handling facility in 2019. (6) Includes capital for crown sales and rental payments but does not include other property acquisitions and dispositions. (7) The estimate of capital set forth in the table above represents F&D capital expenditures and does not take into account the purchase price for the $39 million asset acquisition in Pouce Coupe completed by Birchcliff in Q1 2019 (the “Acquisition”) or any other acquisitions or dispositions. After taking into account the purchase price for the Acquisition, Birchcliff’s revised estimate of total capital expenditures in 2019 is $283 million. See “Outlook and Guidance”. Net property acquisitions and dispositions have not been included in the table above as these amounts are generally unbudgeted. Birchcliff makes acquisitions and dispositions in the ordinary course of business and any acquisitions and dispositions completed during 2019 could have an impact on Birchcliff’s capital expenditures, production, adjusted funds flow, costs and total debt, which impact could be material. See “Advisories – Capital Expenditures”. (8) Approximately 50% of Birchcliff’s F&D capital expenditures are directed towards its Pouce Coupe area and approximately 45% towards its Gordondale area (previously 40%). Birchcliff expects that its F&D capital investment in 2019 will now be approximately $122 million in Pouce Coupe (previously $100 million) and $109 million in Gordondale (previously $84 million). Wells Drilled and Brought on Production The following tables summarize the wells that Birchcliff has drilled and brought on production year-to-date, as well as the remaining and total number of wells to be drilled and brought on production in 2019: Wells Drilled – 2019 Area Wells drilled year to-date Remaining wells to be drilled in 2019 Total wells to be drilled in 2019 Pouce Coupe Montney D1 horizontal natural gas wells 6 3 9 Montney D2 horizontal natural gas wells 2 0 2 Montney C horizontal natural gas wells 1 0 1 Total – Pouce Coupe 9 3 12 Gordondale Montney D2 horizontal oil wells 7 0 7 Montney D1 horizontal oil wells 5 0 5 Total – Gordondale 12 0 12 TOTAL – COMBINED 21 3 24 Wells Bought on Production – 2019 Area Wells brought on production year-to-date Remaining wells to be brought on production in 2019 Total wells to be brought on production in 2019(1) Pouce Coupe Montney D1 horizontal natural gas wells 11 3 14 Montney D2 horizontal natural gas wells 2 0 2 Montney C horizontal natural gas wells 1 0 1 Total – Pouce Coupe 14 3 17 Gordondale Montney D2 horizontal oil wells 7 2 9 Montney D1 horizontal oil wells 5 2 7 Total – Gordondale 12 4 16 TOTAL – COMBINED 26 7 33 (1) Includes 9 (9.0) net wells that were drilled and rig released in Q4 2018. Pouce Coupe Key focus areas for Pouce Coupe in 2019 are the drilling of condensate-rich natural gas wells and the further exploitation and delineation of condensate-rich trends in the Montney D1, D2 and C intervals. Birchcliff recently brought on production a six-well pad located at 14-06-079-12W6M on the lands that Birchcliff acquired pursuant to the Acquisition in Q1 2019. The six wells were drilled in three different intervals (4 in the Montney D1, 1 in the Montney D2 and 1 in the Montney C). During the initial 30 days of production, this six-well pad was flowing inline post-fracture treatment raw natural gas, condensate and frac water. The production rates of the wells have been stabilizing as the frac water flowing back to surface diminishes over time and during the initial 30 days of production, the stabilized flow of the wells had an aggregate average production rate of 6,350 boe/d (27.9 MMcf/d of raw natural gas and 1,690 bbls/d of condensate). For further details regarding these initial production rates, please see “Advisories – Initial Production Rates” and Birchcliff’s updated corporate presentation available on its website at www.birchcliffenergy.com/investors/corporate-presentation/. Gordondale Key focus areas for Gordondale in 2019 are the drilling of crude oil wells and the further exploitation and delineation of oil in the Montney D1 and D2 intervals, specifically in the southeastern part of the Gordondale field. Birchcliff recently brought on production a five-well pad located at 01-10-078-11W6M. The five wells were drilled in two different intervals (2 in the Montney D1 and 3 in the Montney D2). During the initial 30 days of production, this five-well pad was flowing inline post-fracture oil, raw natural gas and frac water. The production rates of the wells have been stabilizing as the frac water flowing back to surface diminishes over time and during the initial 30 days of production, the stabilized flow of the wells had an aggregate average production rate of 4,446 boe/d (2,114 bbls/d of oil and 14.0 MMcf/d of raw natural gas). For further details regarding these initial production rates, please see “Advisories – Initial Production Rates” and Birchcliff’s updated corporate presentation available on its website at www.birchcliffenergy.com/investors/corporate-presentation/. OUTLOOK AND GUIDANCE Birchcliff currently believes that it is well positioned to generate significant free funds flow in 2019 supported by its natural gas diversification and financial risk management contracts and its mix of long-life and low-decline assets, which provide it with a stable base of production. Birchcliff is committed to maintaining financial flexibility and a strong balance sheet and will allocate remaining free funds flow based on what it believes will provide the most value to its shareholders. Birchcliff expects to generate approximately $335 million of adjusted funds flow and $93 million of free funds flow in 2019. Birchcliff has revised its 2019 guidance and commodity price assumptions to reflect the expansion to the 2019 Capital Program, the Corporation’s results year-to-date and current economic conditions. Significant changes include the following: Birchcliff has increased its 2019 annual average production guidance to 77,000 to 79,000 boe/d from 76,000 to 78,000 boe/d to reflect the expansion to the 2019 Capital Program and the strong production performance of its wells year-to-date. As a result of a lower commodity price forecast for natural gas in 2019, Birchcliff has reduced the range of its average royalty expense in 2019 to $1.10/boe to $1.30/boe. Birchcliff’s estimate of adjusted funds flow has increased to $335 million from $330 million and its estimate of free funds flow has decreased to $93 million from $126 million. F&D and total capital expenditures in 2019 are now estimated to be $242 million and $283 million, respectively. The following table sets forth Birchcliff’s previous and revised guidance and commodity price assumptions for 2019: Previous 2019 Guidance and Assumptions(1) Revised 2019 Guidance and Assumptions(2) Production Annual average production (boe/d) 76,000 – 78,000 77,000 – 79,000 % Light oil 7% 6% % Condensate 6% 7% % NGLs 8% 9% % Natural gas 79% 78% Average Expenses ($/boe) Royalty 1.30 – 1.50 1.10 – 1.30 Operating 3.15 – 3.35 3.15 – 3.35 Transportation and other(3) 4.65 – 4.85 4.65 – 4.85 Adjusted Funds Flow (MM$) 330 335(4) F&D Capital Expenditures (MM$) 204 242(5) Free Funds Flow (MM$)(6) 126 93 Total Capital Expenditures (MM$) 245 283(5) Natural Gas Market Exposure(7) AECO exposure as a % of total natural gas production 35% 34% Dawn exposure as a % of total natural gas production 39% 38% NYMEX HH exposure as a % of total natural gas production 25% 25% Alliance exposure as a % of total natural gas production 1% 3% Commodity Prices Average WTI spot price (US$/bbl) 56.00 57.50 Average WTI-MSW differential (CDN$/bbl) 10.00 7.50 Average AECO 5A spot price (CDN$/GJ) 1.65 1.50 Average Dawn spot price (CDN$/GJ) 3.40 3.05 Average NYMEX HH spot price (US$/MMBtu)(8) 3.00 2.70 Exchange rate (CDN$ to US$1) 1.32 1.32 (1) As previously disclosed on March 13, 2019. Birchcliff’s previous guidance for its commodity mix, average expenses, funds flow, capital expenditures and natural gas market exposure in 2019 was based on an annual average production rate of 77,000 boe/d during 2019, which was the mid-point of Birchcliff’s previous annual average production guidance for 2019. (2) Birchcliff’s revised guidance for its commodity mix, average expenses, funds flow, capital expenditures and natural gas market exposure in 2019 is based on an annual average production rate of 78,000 boe/d during 2019, which is the mid-point of Birchcliff’s revised annual average production guidance for 2019. (3) Includes transportation tolls for 150,000 GJ/d of natural gas sold at the Dawn price from January 1, 2019 to October 31, 2019 and 175,000 GJ/d from November 1, 2019 to December 31, 2019. Also includes any unused firm transportation costs associated with Birchcliff’s commitments on the NGTL system. (4) Birchcliff’s estimate of adjusted funds flow takes into account the settlement of financial and physical commodity risk management contracts outstanding as at August 13, 2019. Please see “Q2 2019 Financial and Operational Results – Financial Results – Risk Management”. (5) Birchcliff’s estimate of F&D capital expenditures corresponds to Birchcliff’s revised 2019 capital budget of $242 million. This estimate excludes the purchase price for the Acquisition and any other net potential acquisitions and dispositions. Birchcliff’s estimate of total capital expenditures includes the purchase price for the Acquisition; however, this estimate does not take into account any other potential acquisitions or dispositions as these amounts are unbudgeted. The estimate of total capital expenditures also includes minor administrative assets. Please see “Advisories – Capital Expenditures”. (6) Free funds flow is calculated as adjusted funds flow less F&D capital expenditures and is prior to administrative assets, acquisitions, dispositions, dividend payments and abandonment and reclamation obligations. Please see “Non-GAAP Measures”. (7) Birchcliff’s guidance regarding its natural gas market exposure in 2019 assumes: (i) 150,000 GJ/d being sold at the Dawn index price from January 1, 2019 to October 31, 2019 and 175,000 GJ/d from November 1, 2019 to December 31, 2019; (ii) 5 MMcf/d being sold at Alliance’s Trading Pool daily index price; and (iii) 100,000 MMBtu/d being hedged at a fixed basis differential between the AECO 7A price and the NYMEX HH price. (8) $1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value of 37.4 MJ/m3 or a heat uplift of 1.055 when converting from $/GJ. Birchcliff continues to be strategic and opportunistic in advancing its market access initiatives and its physical natural gas sales exposure currently consists of AECO, Dawn and Alliance markets, with additional exposure to NYMEX HH pricing through its outstanding financial instruments. Effective November 1, 2019, Birchcliff’s level of firm service on TCPL’s Canadian Mainline to Dawn will increase to 175,000 GJ/d from 150,000 GJ/d. Effectively 88% of Birchcliff’s total revenue in 2019, representing 74% of its total production, is expected to be based on non-AECO benchmark prices after taking into account its commodity risk management contracts and expected sales from liquids and based on the commodity price assumptions set forth in the table above. This natural gas market diversification together with Birchcliff’s financial risk management contracts will help to further strengthen Birchcliff’s balance sheet and protect its cash flow and project economics. The following table illustrates the expected impact of changes in commodity prices and the CDN/US exchange rate on the Corporation’s estimate of adjusted funds flow for 2019 of $335 million, after taking into account its financial instruments outstanding as at August 13, 2019: Estimated change to 2019 adjusted funds flow (CDNMM$)(1)(2) Change in WTI US$1.00/bbl 5.0 Change in NYMEX HH US$0.10/MMBtu 3.4 Change in Dawn CDN$0.10/GJ 5.6 Change in AECO 5A CDN$0.10/GJ 6.4 Change in CDN/US exchange rate CDN$0.01 2.6 (1) Please see the guidance table above. (2) The calculated impact on adjusted funds flow is only applicable within the limited range of change indicated. Calculations are performed independently and may not be indicative of actual results. Actual results may vary materially when multiple variables change at the same time. Changes in assumed commodity prices and variances in production estimates can have a significant impact on the Corporation’s estimate of adjusted funds flow. For further information regarding Birchcliff’s guidance, please see “Advisories – Forward-Looking Statements”.
- Group wants new agency to oversee oil and gas industry in British Columbia
- Alberta, Saskatchewan say they have no plans to put carbon tax stickers on pumps
- Canada to fund Indigenous groups energy projects in B.C. and Alberta
- JOIN US SEPT 12th! Is it time for a collaborative approach to get market access for Canadian Energy? – Maureen McCall
- Obsidian Energy Announces Second Quarter 2019 Financial and Operational Results
- ExxonMobil fined $40,000 after near miss on rig off Nova Scotia last fall
- Five Things to Know in World Business Today
- Oil Declined Again After Biggest Surge in Five Weeks
- XI Technologies: How working interest can affect the accuracy of LLR and ARO estimates
- Jupiter Reports Second Quarter 2019 Results
- RCMP ‘sitting on’ watchdog report into alleged spying on anti-oil protesters
- Corridor Announces Second Quarter Results
- Women Leaders in Blockchain Unite for Alberta’s Digital Transformation
- Tidewater Midstream and Infrastructure Ltd. Announces Second Quarter 2019 Results and Operational Update
- Exxon eyes UK North Sea exit after 50-year presence
- Obsidian Energy Announces Update to its Syndicated Credit Facility and Peace River Oil Partnership Disposition
- Five Things to Know in World Business Today
- Oil Steadies Near $55 as Demand Fears Mix With Tighter Supply
- Since 2014, Alberta Unemployment Rate Increases While Texas Rate Drops – Lessons from the Lonestar State – Fraser Institute
- A MUST WATCH & SHARE: The Truth About About Pipelines – FEDERAL MP – PIERRE POILIEVRE
- Even as Oil Falls, Aramco Remains World’s Most Profitable Company
- Growing the NGL business: A solution to Canada’s Energy Slump? – PASC – September 16th, Calgary – LIMITED SPACE REMAINS
- Inter Pipeline shares lose some of last week’s takeover speculation gains
- Vertex Resource Group Ltd. reports strong second quarter 2019 results
- Surge Energy Inc. Announces Second Quarter Results; Appointment of CFO
- Five Things to Know in World Business Today
- CASE STUDY: Fort Hills Tank Skirt System – Prevent Erosion & Corrosion – Western Engineered Containment
- Granite Oil Corp. Reports Second Quarter 2019 Financial and Operating Results
- Oil Declines as Trade Tensions Continue to Stoke Demand Fears
- TransGlobe Energy Corporation Announces Second Quarter 2019 Financial and Operating Results For the three and six months ended June 30, 2019
- Métis Can Be The Bridge To A More Prosperous Future For Indigenous People
- Increasing Pipeline Construction Profit with Technology – Aimsio
- Webinar August 20th: Build Better Roads Faster with the GEOWEB® 3D Soil Confinement System
- Eye on Energy: Saudi Planned Unilateral Cutbacks Stablilizes Crude Oil Prices – Josef Schachter
- IEA, EIA Forecasts: Gloom Over Oil Demand Will Only Get Worse: Julian Lee
- Low prices, LNG uncertainty add to frustration levels for natural gas producers
- “GET ME OUT OF OIL & GAS!” – Higher Landing Career Survey: Alberta Job Seekers Face Anti-Energy Stigma
- Exxon says working to return Canada’s Hibernia oil platform back to production
- Questerre reports second quarter 2019 results
- Experts to advise Ottawa as it consults First Nations that want stake in TMX
- U.S. oil drillers cut rigs for sixth week in a row -Baker Hughes
- Hazloc Heaters™ announces the introduction EXCaliber Series XET1 Electronic Thermostat
- Oil Jumps Most in Month as Saudi Action Outweighs Demand Worries
- Canadians have every reason to be calm and confident about how the energy future is unfolding – Stewart Muir
- Canada weekly rig count increases by 3 to 140
- Inter Pipeline execs refuse to answer questions on reported takeover offer
- Five Things to Know in World Business Today
- Saudi Aramco IPO: Here are Three Burning Questions: Ellen R. Wald
- IEA Says Oil Outlook ‘Fragile’ After Weakest Patch Since 2008
- Oil Set for Weekly Loss as Traders Weigh Trade War, Saudi Output
- High Arctic Reports 2019 Second Quarter Results
- Yangarra Announces Second Quarter 2019 Financial and Operating Results
- Enerflex Announces Second Quarter 2019 Financial Results and Quarterly Dividend
- Cequence Energy Announces Second Quarter Financial Results
- Pieridae Announces Second Quarter Results
- Chinook Energy Inc. Announces Second Quarter of 2019 Operating and Financial Results
- Opponents of refinery location take case to Supreme Court
- Prairie Provident Resources Announces Second Quarter 2019 Financial and Operating Results
- Oilsands pipeline firm Inter Pipeline posts record Q2 net income of $260 million
- Oilsands pipeline firm Inter Pipeline posts record Q2 net income of $260 million
- Heavy discount widens slightly
- Saudi Arabia plans to keep Aug-Sept oil exports below 7 mln bpd – official
- Tidewater Announces Closing of $75 Million Bought Deal Financing of Convertible Debentures
- Hemisphere Energy provides operational and production update
- Activists call on insurance firms to stop coverage of Trans Mountain pipeline
- Five Things to Know in World Business Today
- Alberta’s Oil Limits Finally Seem to Be Working — For Now
- Oil Rebounds From Seven-Month Low as Saudis Seek to Stem Slide
- Saudis Have Few Good Options in Oil Talks With OPEC+ Allies
- Pengrowth Second Quarter 2019 Adjusted Funds Flow Increased 188% Year-over-year to $29 Million
- Step Energy Services Ltd. Reports Second Quarter 2019 Results
- Kelt Reports Financial and Operating Results for the Three and Six Months Ended June 30, 2019
- Pipestone Energy Corp. Reports Second Quarter 2019 Results and Gives an Operations Update
- Heavy discount settles unchanged
- Delphi Energy Corp. Reports Second Quarter 2019 Results
- Bellatrix Exploration Ltd. Announces Second Quarter 2019 Financial and Operating Results
- Peyto Announces Q2 2019 Results
- Gear Energy Ltd. Announces Second Quarter 2019 Operating Results, Intention to Institute a Normal Course Issuer Bid and Board of Directors Changes
- Western Canadian crude inventories fall to smallest level in nearly two years
- Bonterra Energy Corp. Announces Second Quarter 2019 Financial and Operational Results
- Indigenous coalition submits proposal to purchase Trans Mountain
- SHAKY LEGAL GROUND IS CRUMBLING UNDER THE FEDERAL CARBON TAX LEGISLATION: DWIGHT NEWMAN IN THE NATIONAL POST
- Premier Kenney says results of panel on Alberta finances coming in September
- PODCAST: It Is Not Game Over Yet for Digital in Oil and Gas – Geoffrey Cann
- Journey Energy Inc. Reports Its Second Quarter 2019 Financial and Operating Results
- Inter Pipeline Announces New Conventional Oil Pipeline Project
- Five Things to Know in World Business Today
- Oil Slumps Into Bear Market as Trade Tensions Feed Demand Angst
- InPlay Oil Corp. Announces Second Quarter 2019 Financial and Operating Results Achieving Record Quarterly Production and Increased Production Guidance
- Petrus Resources Announces Second Quarter 2019 Financial & Operating Results
- XI Technologies: Over-licensed facilities can affect your licensee liability rating and ARO
- Your 12 Month Digital Marketing Plan on EnergyNow – Generate Exposure & Leads:
- NuVista Energy Ltd. Provides Positive Second Quarter Operating Results, Affirms Pipestone Development Right on Track
- Energy Security – Access to affordable energy is essential to the functioning of modern economies – How is Canada faring? -Maureen McCall
- Gibson Energy Announces 2019 Second Quarter Results
- Pine Cliff Energy Ltd. Announces Second Quarter 2019 Results
- Heavy discount stays tight despite easing oil curtailments
- Keyera Appoints Blair Goertzen to its Board of Directors
- Canada Stocks Post Worst Streak in 11 Months as Oil Trumps Gold
- SNC-Lavalin shares fall to near 15-year low after warning from Caisse de depot
- Drilling firm Ensign Energy shares fall as Q2 net loss exceeds forecasts
- Enbridge to keep gas pipe shut for at least a week after Kentucky blast
- International Petroleum Corporation Second Quarter 2019 Financial Results
- Five Things to Know in World Business Today
- Oil Steadies as China’s Yuan Fix Alleviates Trade War Tensions
- Phoenix Energy Marketing Consultants Announce Fall Introduction to Canadian NGL and Crude Oil Marketing Courses
- Vinyl 101 – IDENT Oil & Gas Signage
- Schachter’s Eye on Energy: Trump Tariffs Clock Crude
- Letter to the editor: Pipeline to Reconciliation
- Chemco Welcomes Newest Partner, Gitga’at First Nation in Kitimat, BC
- Five Things to Know in World Business Today
- Oil Resumes Drop as Demand Fears Overshadow Iran Tanker Seizure
- U.S. Oil Giants Exxon, Chevron Get Boost From Vital Tax Cuts in Alberta
- CEOs take an acceptable risk airing their energy views
- Enbridge to solicit bids for Mainline
- Heavy discount widens, remains in trading range
- U.S. oil drillers cut rigs for fifth week in a row -Baker Hughes
- Toscana Energy Announces Second Quarter 2019 Results
- Ottawa opposes Saskatchewan’s move to have top court delay carbon tax case
- Coastal GasLink lacks assessments, halts work on part of LNG pipeline in B.C.
- Alberta creates two industry panels to help reduce regulatory red tape
- Canada Weekly Rig Count Up 10 for Week Ending August 2, 2019
- Imperial Oil posts second-quarter beat on oilsands growth, Alberta tax cuts
- Imperial Oil posts second-quarter beat on oilsands growth, Alberta tax cuts
- Five Things to Know in World Business Today
- Oil Set for Weekly Loss After 8% Slump on U.S.-China Trade War
- Pipelines Add Room to Meet ‘Unrelenting’ Demand for Canadian Oil
- Tesla’s Stagnant Energy Unit Is Said to Shuffle Executive Ranks
- Oil Has a Millennial Problem as Talent Pipeline Trickles
- Enbridge helped by demand for pipeline capacity; Q2 adjusted earnings rise
- Parkland Fuel Corporation Announces Record 2019 Second Quarter Results and Increases its 2019 Adjusted EBITDA Guidance Range to $1.165 Billion ± 5%
- Freehold Royalties Ltd. Announces Second Quarter Results & Increases Production Guidance
- Parex Q2 2019 Results: US$151mm Cash Flow Generates US$102mm Free Cash Flow
- Sale of B.C. hydroelectric project boosts Fortis Q2 profit to $720 million
- Strad Announces Second Quarter Results and Increases Capital Budget
- Pipeline construction began without archaeological assessments: Coastal GasLink
- The Average Canadian Family Paid $39,299 in Taxes Last Year – More Than Housing, Food and Clothing combined
- Canadian Natural Resources Limited Announces 2019 Second Quarter Results
- Alberta hires former journalist to devise fight-back plan against energy foes
- Cleanup called off after 12,000-litre Hibernia oil spill: regulator
- Fracking firms Calfrac, Trican report double-digit Q2 revenue declines
- Tourmaline shares tumble on disappointing Q2 and production guidance changes
- Paramount Resources Ltd. Closes the Sale of its Karr 6-18 Natural Gas Facility
- A MUST WATCH! Wake Up Canada! Why You Should Care About the Oil Sands Even If You Don’t Work in Oil & Gas
- The City of Richmond’s contorted relationship with fossil fuels – Stewart Muir
- Canadian Natural reports $2.8B Q2 profit, up from $982M a year ago
- 1 dead, 5 injured, 7 missing in Kentucky pipeline explosion
- Five Things to Know in World Business Today
- Keystone XL Inches Forward as Order Blocking Work Is Lifted
- Baytex Announces Second Quarter 2019 Financial and Operating Results
- NXT Energy Solutions Announces Appointment of Chief Financial Officer
- TC Energy reports strong second quarter financial results
- Delphi Energy Corp. Announces Changes to Management Team
- TORC Oil & Gas Ltd. Announces Second Quarter 2019 Financial & Operational Results
- Athabasca Oil Corporation Announces 2019 Second Quarter Results
- Tourmaline Realizes Strong Q2 Earnings and Continues to Focus on Free Cash Flow Generation
- Oilsands CEOs take federal election message to voters in full-page newspaper ads
- Oilsands CEOs take federal election message to voters in full-page newspaper ads
- PSAC Forecast update confirms low investor confidence in Canada
- Fire at Texas Exxon Mobil refinery slightly injures 37
- PSAC Forecast update confirms low investor confidence in Canada
- Encana Reports 2019 Second Quarter Financial and Operating Results
- Oil Trades Near Two-Week High on Tighter Supply, Mideast Risks
- Five Things to Know in World Business Today
- Ministers set to discuss timing of carbon tax legal challenges during meeting
- TC Energy reaches agreement to sell Ontario natural gas-fired power plants for $2.87 billion
- Cardinal Energy Ltd. Announces Second Quarter 2019 Results and Normal Course Issuer Bid
- XI Technologies: Understanding the reclamation cost discrepancies between LLR and ARO
- LUNCH AND LEARN: New Technology for Gas Plant Optimization
- Summer Slow Down? Factoring Can Help – Factors Western
- MEG Energy announces record $195 million free cash flow, $285 million debt repayment and new 5-Year Credit Facility
- MEG Energy buys crude quota from rivals to boost Q2 bitumen production
- Oilsands production growth cut despite lower building costs in CERI forecast
- Official Event Launch 2nd Annual Canadian Artificial Lift & Production Optimization – September 25-26, 2019 – Calgary, AB
- Ministers set to discuss timing of carbon tax legal challenges during meeting
- Two term Trump? Half expect the President to be re-elected in 2020, most say it would be bad for Canada
- Five Things to Know in World Business Today
- Oil Gains as Fed Meeting and Trade Talks Buoy Demand Outlook
- FRASER INSTITUTE: Wind and solar energy creates extra, higher costs, produces fewer environmental benefits than proponents claim
- French refinery outage slows second-quarter production for Vermilion Energy
- Appeal of NEB pipeline jurisdiction decision ‘highly probable’: B.C. activist
- Vermilion Energy Inc. Announces Results for the Three and Six Months Ended June 30, 2019
- Oil Steadies Near $56 Amid Trade Talks, Middle East Tensions
- Five Things to Know in World Business Today
- Webinar: Ditch the Paper – Transform Your OFS Business and Get Paid Faster with Digital Field Tickets
- Shield Industries Announces New Manufacturing Facility in Hythe
- Schachter’s Eye on Energy: Oil prices flat on the week despite Iranian capture of oil tanker
- Indigenous pipeline bidder launches ‘listening tour’ along Trans Mountain route
- SURPLUS EQUIPMENT: Waukesha L5794LT Ariel JGK-4 Reciprocating Compressor (7 available), 1450 hp – Ironhub
- The Pictures!! 2019 BIG GUNS STAMPEDE BREAKFAST – Click HERE to See the Pictures!
- Oil Ends Week Higher as Supply Threats Outweigh Doubts on Demand
- U.S. oil drillers cut rigs for fourth week in a row -Baker Hughes
- Canada regulator says no federal scrutiny needed for LNG project gas pipeline
- Indigenous-led group submits preliminary proposal to buy Trans Mountain pipeline
- Alberta throttles back crude oil curtailment quotas for September
- Canada Weekly Rig Count Up 9 for Week Ending July 26, 2019
- Canada’s Energy Security- Federal and Provincial cooperation and the Energy Corridor – PJVA September 12th – Details HERE
- CTF to Federal Party Leaders: Tell Us How You’ll Balance the Budget
- Five Things to Know in World Business Today
- Oil Set for Weekly Gain as Supplies Drop, Iran Tension Persists
- TransAlta Responds to Continued Energy-Only Market in Alberta
- Questerre engages leading Quebec engineering firm for clean tech project
- Helicopter on way to off-shore platform returns to Halifax airport after altitude drop
- Enbridge says open to re-route Line 5 after legal action by Wisconsin tribe
- Canada’s Suncor hopeful on deal with Alberta govt to boost oil production
- Oilsands mine in public interest despite ‘significant adverse’ effects: panel
- Canadian navy not asked to join British coalition to protect Strait of Hormuz
- Hibernia platform still shut down as work continues to clean up oil spill
- Precision Drilling Q2 shows improvements in loss, revenue; debt repayment accelerates
- Five Things to Know in World Business Today
- Oil Advances as Tighter Supply Jostles With Demand Concerns
- Husky Energy gets help from Q2 tax relief but profit down from year earlier
- Pipeline Protesters Shouldn’t be Funded by Taxpayers – Kris Sims
- One-time items help push Cenovus Q2 profit up, operating earnings miss estimate
- Cenovus substantially achieves $7 billion near-term net debt target Company generates over $830 million in second-quarter free funds flow
- Precision Drilling Corporation announces 2019 Second Quarter Unaudited Financial Results
- Husky Energy Reports Second Quarter 2019 Results
- Suncor Energy reports second quarter 2019 results
- Suncor posts $2.73 billion income on Alberta tax recovery, higher oil output
- Wisconsin tribe sues Canada’s Enbridge to shut down crude oil pipeline
- U.S. natgas futures fall to month low on cooler forecasts
- Cuda Oil and Gas Inc. Announces Agreements to Sell all of its Quebec Assets for a Total Transaction Value of $10.59 Million
- Indigenous pipeline bidder launches ‘listening tour’ along Trans Mountain route
- Quebec has no plans to offer struggling SNC-Lavalin a bailout: Minister
- Global oil market in glut, but not a big enough one for OPEC
- New Brunswick chiefs unified to ensure province consults over shale gas
- Five Things to Know in World Business Today
- Oil Steady as Industry Data Show Hefty Drop in U.S. Stockpiles
- Cenovus releases 2018 environmental, social & governance report
- Pipestone Energy Corp. Announces a Midstream Transaction to Fund the Acceleration of a Three Well Completion Program to Delineate Its Eastern Montney Acreage
- Webinar: Basics of Road Design Using Innovative Engineered Technologies – Presto Geosystems
- XI Technologies: Why using LLR can cause inaccurate abandonment cost estimates
- Tidewater Announces Pipestone Strategic Core-Area Acquisition and Associated 10-year Take-or-Pay Contracts, $75 Million Bought Deal Offering of Convertible Debentures and CEO’s Intention to Acquire Additional Shares
- Drilling forecast goes from bad to worse after slow start to summer deployments
- Martin Delaney announced as CEO of Navasure Structured Surety Solutions, innovator to the energy and power industries
- Five Things to Know in World Business Today
- Oil Holds Steady as Middle East Risks Mix With Economy Concerns
- Big Oil’s Dealmaking CEO Spends Billions to Ride Out Turmoil
- FREE 50-page Whitepaper: Unrivalled expert analysis into the emerging construction opportunities across Canada
- Bonanza Creek Issues Preliminary Second Quarter 2019 Results and Provides an Operational Update
- PrairieSky Announces 2019 Second Quarter Results
- Cleanup crews on site after Baytex Energy pipeline leak in northeastern Alberta
- AltaGas Reaches an Agreement to Sell Distributed Generation Assets for $940 Million
- Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
- Five Things to Know in World Business Today
- Oil Advances as Iran’s Seizure of Tanker Keeps Tension High
- Scovan Engineering wins an award for their Community Engagement!
- Innovative Approach to Reducing Scaffolding Costs – Chemco
- Environment: A New dimension in Upstream – Resource Energy Solutions
- SURPLUS EQUIPMENT: 75 PSI Flare Knockout, 10′ x 40′ – Ironhub
- Opinion: First Nations stewardship would benefit TMX through Indigenous purchase
- FRAC SHACK INC. ANNOUNCES SUCCESSFUL LAUNCH OF NG SIDEKICK™
- Schachter’s Eye on Energy: A Big Plunge in Oil this Week
- Strait of Hormuz: Why it’s the world’s most important oil artery
- Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill
- Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill
- Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill
- NEB restores orders and decisions issued to Trans Mountain prior to court ruling
- Gastech Exhibition & Conference – Register for Your FREE Visitor Pass: Houston – Sept 17-19, 2019
- NEB announces next steps for the Trans Mountain Expansion Project
- Oil Jumps as Tanker Seizures Escalate Persian Gulf Tensions
- U.S. oil drillers cut rigs for third week in a row -Baker Hughes
- Canada Weekly Rig Count Up 1 for Week Ending July 19, 2019
- Canada’s 220,000-bpd Hibernia oil platform halts production for second day after spill
- IEA does not expect “huge increase” in crude prices
- Oil Pares Steep Weekly Loss as U.S. Says It Downed Iranian Drone
- Five Things to Know in World Business Today
- Pulse Seismic Inc. Reports Q2 2019 Results
- Suncor Energy releases 2019 Report on Sustainability
- Trudeau says Ottawa open to proposals for B.C. refinery as gas prices soar
- From Startup to Game Changer: My Path to Commercialization – Koleya Karringten (Absolute Combustion International)
- Winnipeg man charged with mischief in alleged threat to bomb pipeline
- Hibernia suspends oil production after 12,000-litre spill off Newfoundland
- Alberta oil and gas producer cleanup cost estimates set too low, says coalition
- Montana, North Dakota push against Washington state rail law
- Five Things to Know in World Business Today
- Capstone Saves client 40% on abandonment using Ventmeter Technology
- What Do Millennials Want in A Perfect Job?
- Canada Gas Producers Seek Royalty Help to Tame Wild Market
- Oil Rises After Iran Confirms It Seized Fuel Tanker in the Gulf
- Enbridge delays open season for bids on Mainline oil pipeline system -sources
- Kinder Morgan Canada Limited Declares Dividend and Announces Results for Second Quarter of 2019
- Prairie Provident Announces Continued Drilling and Operational Success and Provides Select Preliminary Q2 2019 Highlights
- Fraser Institute – Bills C-69 and C-48 further damage investment climate of Canada’s energy sector while U.S. investment soars
- Cardinal Energy cleaning up after 320,000 litres of oil and produced water spills
- Kinder Morgan Canada income falls despite rise in pipeline and terminals revenue
- Kinder Morgan Canada income falls despite rise in pipeline and terminals revenue
- Natural gas producers demand government action in open letter to Kenney
- Natural gas producers demand government action in open letter to Kenney
- Point Loma Resources Announces Entering into an Agreement to Market its Wizard Lake Rex Oil Property
- Five Things to Know in World Business Today
- Canadian Heavy Crude Surges as Crude-by-Rail Shipments Pick Up
- Connacher Oil and Gas Limited Announces Creditor and Court Approval of Restructuring and Extension of CCAA Stay of Proceedings
- Heavy discount edges wider as monthly trade cycle ends
- FortisBC signs Canada’s first long-term contract to supply LNG for China
- XI Technologies: Adopting a Well Data Management Approach for Liabilities
- Insight Analytical: Addressing Safety Concerns of Sample Collection
- STEP Energy Services Launches Online Bi-Fuel Savings Calculator
- High Temperature Life Assessment Conference (HTLAC 2019)
- Companies to appear before panel today in public inquiry into B.C. gas prices
- FortisBC signs term contract to send LNG by shipping container to Chinese client
- Alberta economy doing better than expected in June forecast, TD economists note
- Five Things to Know in World Business Today
- Oil Steady on Lower U.S. Stockpile Forecast While Storm Eases
- Federal Politics: CPC lead holds, but as Liberals begin to climb, will their task be simple, or Sisyphean?
- PERMIAN WATCH: America’s Hottest Shale Play Is Slowing Down
- Climate Emergency? Eliminate Tourism!
- Chevron Seeks All-Electric Canada LNG Plant to Cut Emissions
- U.S. Shale Fracklog Keeps Falling as Drillers Face Investor Pressure
- Heavy crude discount shrinks
- Producers still cautious despite higher Q2 expectations on stronger oil prices
- Five Things to Know in World Business Today
- Oil Trades Near $60 on Storm Disruption as Glut Concerns Linger
- Osprey Informatics is hiring: Account Executive, Calgary
- SURPLUS EQUIPMENT: Caterpillar G3608LE A3 Ariel JGC/4 Reciprocating Compressor, 2370 hp – Ironhub
- EnerTech Staffing and Workforce Solutions is pleased to return to the 2020 Forward Summit
- We the West? – An Open Letter to the Leaders of each Federal Political Party – Deidra Garyk
- Column: Ottawa’s carbon tax is so bad it’s uniting Alberta and Quebec – Franco Terrazzano
- Gasoline companies to speak at public inquiry into B.C. pump prices Wednesday
- Your 12 Month Digital Marketing Plan on EnergyNow – Generate Exposure & Leads:
North America’s leading event in Instrumentation, Systems & Automation
From the International Society of Automation, ISA Calgary show boasts a reinvented experience – new features, technology, education programs, networking events and much more! Join us in 2021 to get in touch with products and innovations at the forefront of today’s energy landscape. Access the latest trends and knowledge, and source expertise and services to help your company reduce costs, streamline operations and create efficiencies in today’s competitive climate.
Tuesday, April 13 10:00 am - 5:00 pm
Wednesday, April 14 10:00 am - 4:00 pm
ISA 2019 Conference Preview
DMG EVENTS GLOBAL ENERGY
