Vermilion Energy to Sell Saskatchewan, Manitoba Assets for US$302MM
Calgary, Alberta-based Vermilion Energy Inc. is selling Saskatchewan...
Calgary, Alberta-based Vermilion Energy Inc. is selling Saskatchewan and Manitoba assets in Canada for CA$415 million (~US$302 million).
The assets currently produce 10,500 boe/d (86% oil and liquids) and have 30 MMboe in PDP reserves as of December 2024. At current strip prices, they are expected to generate $110 million of annual net operating income.
Proceeds from the sale will be used to reduce debt. By the end of 2025, Vermilion expects its net debt to be CA$1.5 billion.
The transaction, effective May 1, is expected to close in the third quarter, subject to customary closing conditions and regulatory approval.
Two days after threatening a 50% tariff on the EU come June 1, President...
Two days after threatening a 50% tariff on the EU come June 1, President Trump said he’d delay the implementation to July 9 after a phone call with European Commission President Ursula von der Leyen. On Friday, Trump sent markets tumbling with his unexpected threat to the EU, saying that trade talks were “going nowhere,” and running down grievances with the bloc’s trade practices. But after the call with von der Leyen, Trump explained, “She said we will rapidly get together and see if we can work something out.”
The company plans to test launch Starship for the ninth time this evening,...
The company plans to test launch Starship for the ninth time this evening, hoping to get the megarocket ready for an uncrewed trip to Mars in 2026. The first two Starship missions this year have ended in untimely explosions, which is perhaps one of the reasons why CEO Elon Musk said this weekend he’d go “back to spending 24/7 at work and sleeping in conference/server/factory rooms” at his companies. Musk will also hold a presentation on “Making Life Multiplanetary” today at 1pm ET on X.
Nvidia headlines the final big earnings week. The days...
Nvidia headlines the final big earnings week. The days of 300% growth may be behind Nvidia, but the $3.2 trillion tech giant will try to convince investors the AI boom has room to run when it reports earnings on Wednesday. Other companies dishing on their Q1s include Salesforce—maybe we’ll learn what it does—and retailers Costco, Best Buy, and Dick’s Sporting Goods. Rounding out the economic calendar is the Fed’s preferred inflation gauge, the PCE Price Index, which will be released on Friday.
More than 45 people were injured when a minivan plowed into the crowd at Liverpool FC’s victory parade yesterday. Police say the 53-year-old British driver who was arrested at the scene was acting alone and that the incident was not being investigated as terrorism.
A cryptocurrency investor was arrested and charged with kidnapping and torturing a man in his NYC apartment for weeks, allegedly to force him to divulge his bitcoin password.
Fed Chair Jerome Powell defended the central bank’s COVID-19 response, government employees, and American universities in a speech at Princeton University.
Phil Robertson, the patriarch of the “Duck Dynasty” family, died at 79.
British-South African athlete Lewis Pugh became the first person to swim around Martha’s Vineyard. His goal was to raise awareness for shark protection ahead of the 50th anniversary of Jaws.
US drillers cut oil, gas rigs to lowest since November 2021
The combined oil and gas rig count, an early indicator...
The combined oil and gas rig count, an early indicator of future output, fell by 10 to 566 in the week to May 23. That 10-rig reduction was the biggest weekly decline in total rigs since September 2023. It was also the first time since September 2024 that drillers reduced the number of rigs operating for four weeks in a row..
Oil rigs fell by eight to 465 this week, their lowest since November 2021. Gas rigs fell by two to 98, their lowest since last month.
In the Eagle Ford Shale in South Texas, drillers cut four rigs, bringing the total down to 42, the lowest since December 2021.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale formation, drillers cut three rigs, bringing the total down to 279, the lowest since November 2021.
New Mexico, drillers cut two rigs, down to 92, North Dakota, drillers cut two rigs, down to 30, in Texas, drillers cut five rigs, down to 266, and Oklahoma lost 2 rigs, down to 53 rigs.
