They should change it to Obsidian Inergy Ltd...OIL would be a good ticker for the computer trade traffic.
Item to vote on for the June 26th meeting: "Management is proposing to reduce share capital for accounting purposes, without payment of or reduction to stated capital or paid-up capital, by the amount of the deficit on April 1, 2017 to reflect the transition by the Corporation from Penn West to Obsidian Energy Ltd. Management believes the elimination of the consolidated accounting deficit of $6.8 billion as at April 1, 2017 in connection with the Corporation’s transition is beneficial on a go-forward basis. This reduction should allow shareholders to evaluate the financial performance of the go-forward Corporation by providing a more representative view of the actual accumulated operations results of the future business. The reduction of the Corporation's share capital for accounting purposes is an accounting entry only and has no tax or legal implications to the shareholder."
Can somebody please explain that to me in understandable English.............I have no clue what will change. Discl.........I voted "yes" just to get it over with.........
Current value of PWE's reserves?
What this report omits is that the US government has dumped 7 million barrels of oil into the market from the Strategic Petroleum Reserve so far in the month of May. Had they not done that, non-SPR US oil storage would have dropped more than analyst estimates. Western Canada oil storage in Hardisty and Edmonton dropped from 59% of capacity to 52% of capacity in March and this was *before* the outage occurred at the ConocoPhillips Syncrude facility in early April. This is shaping up to be an interesting quarter in the energy sector.
Khalid al-Falih, energy minister for Saudi Arabia, says OPEC and its production-cutting allies need to keep holding back output for another nine months. Photo: hamad i mohammed/Reuters OPEC’s Foil: It Can’t Drain Enough Stored Oil Cartel is doubling down on its production cuts to drain glutted inventories By Georgi Kantchev , Sarah McFarlane and Benoit Faucon WSJ | 2017-05-22T17:29:00.000Z OPEC is likely to extend and perhaps even deepen its production cuts on Thursday for one main reason: It has failed to drain superhigh levels of oil in storage enough to raise prices significantly. On Sunday, Khalid al-Falih, energy minister for the Organization of the Petroleum Exporting Countries’ top producer, Saudi Arabia, said OPEC and its production-cutting allies need to keep holding back output for another nine months. The group’s top leaders meet in Vienna on Thursday to make a decision. “We are all ready to consider other creative suggestions that may emerge to between now and May 25,” Mr. Falih told reporters in Riyadh. OPEC’s predicament underscores the powerful role global oil inventories now play, after years of being a technical detail that some traders ignored. With more data available than ever, oil storage has joined shale production as a symbol of a global glut of crude that has knocked OPEC on its heels. “The production deal was a risky maneuver by OPEC,” said Antoine Halff, senior researcher at Columbia University’s Center on Global Energy Policy. “By choosing a storage target, they set themselves up for failure.” Almost six months after OPEC’s 13 members and 11 other heavyweight producers pledged to cut around 2% of global oil supply, stored crude has only recently begun falling and remains at historically high levels. Oil prices were up almost 1% at $51.12 a barrel on Monday but remain below the levels reached in the days after the production cut’s announcement and short of the $60 a barrel target that Saudi Arabia wants. OPEC leaders say they want to reduce storage levels in the Organization for Economic Cooperation and Development—a club of industrialized countries like the U.S.—to a five-year average. About 550 million barrels of crude and oil products have been added to the world’s stocks since 2014, when prices began crashing, said Christopher Bake, a member of the executive committee at the world’s largest oil trader Vitol Group.
OPEC leaders have said they want to siphon off over 300 million barrels of crude oil from OECD stocks, which reached record highs of over 3 billion barrels last year. But OECD stocks continued increasing in early 2017 and fell in March by just 32 million barrels, according to the International Energy Agency, a global adviser to oil-consuming places such as the U.S., India and Europe. Even if the OPEC and non-OPEC cuts are extended into the second half of 2017, stocks won’t draw down to the five-year average this year, the IEA said. An OPEC official said the group’s plan was beginning to work and merely needed more time. “Stocks are now coming down,” the official said. The official said OPEC was also concerned about high inventories in 2008 and 2009, when the global economic crisis depressed demand and prices, sending storage levels higher. Storage levels eventually fell, and prices rose, in 2009 as the crisis abated and oil demand growth returned. OPEC focus on storage levels came after the cartel was humbled by U.S. shale production’s ability to withstand low prices. Now the group has found that its power to flush oil out of storage is also limited. One of the main culprits might be OPEC itself—the group ramped up output just before the cuts were slated to start in January, adding to the world’s already vast oversupply. According to data from oil-tanker tracking firm Kpler, OPEC’s January to April exports were in line with the same period last year, meaning just as much oil has hit the global market after the cuts. “OPEC itself delayed reaching the inventories goal by increasing production late last year,” said Olivier Jakob, managing director of consultancy Petromatrix. OECD storage is only a slice of what investors are looking at. More than half of the world’s oil refining capacity is now outside of the OECD, in countries like China and India, where accurate storage data is difficult to come by. China made significant inventory drawdowns early in the year followed by large inventory builds to recover to an oil stock level of 783 million barrels as of May 17, according to data from global storage monitoring firm Ursa Space Systems Inc., which monitors 75% of China’s storage capacity Saudi Arabia’s stocks rose by 2.3%, or 6 million barrels, over February and March, according to the Joint Organisations Data Initiative, a group based in Riyadh that compiles oil industry information. According to Kpler, stocks appear to be falling in major oil storage hubs in the Caribbean and South Africa. There is also less oil being held in giant tankers at sea, an expensive way to hoard oil but one that became common during the glut. According to Kpler, the volume of oil held on ships had fallen around 23% from December to 91.1 million barrels at the end of April. “If they continue to fall, that will give the market some new confidence,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas . But there are some ominous signs for OPEC and any extended bet to reduce oil storage. —Summer Said and Margherita Stancati contributed to this article.
RBC Croft calling for oil in low $60 range by end of the year. Her argument is that two of the US shale regions need $60 oil to make money. Only the Bakken area can make money at these levels. She does not see Shale flooding the market. Also Iraq now is on board for at least a six month extension of November oil deal. This should put a floor of $50 under oil price for several months which should be very positive for PWE. Do not understand why Zacks would lower PWE rating without waiting for the June 7 Analyst presentation. RBC Croft is a very smart oil analyst and is right more often than wrong. Good luck folks.
FRENCH TO PLEAD GUILTY
I don't get the name change ...... you could drill another well for the cost of changing signs. Next thing you know they will want to do a reverse split.!!!!!!
WITH THE NAME CHANGE THEY WILL ANNOUNCE A SECONDARY
I guess they figure it will help the share price, but I can't help but see it as form over substance -and at a cost. This can't be cheap. Overall, not a big deal. At least it isn't a stupid made-up name!
US crude settles at $50.73, up 40 cents, after Saudi Arabia and Iraq agree on output cuts
Oil was bolstered by confidence that top exporters will agree this week to extend supply curbs, and possibly deepen the cuts.
200 DMA now rolling over to the downside. The stock has broke through the 50 DMA to the down side, another negative signal. Technically speaking TIMMMMBERRRRRR !!
Wait it will decline back to 1.00
Great day for us shorts ! Don't ya love it when a plan comes together.
You should have listened to clever !
You disappear like cockroaches when the lights come on. Stock is red and the roaches disappear . That's because you have no idea what you are doing .
You should have listened to clever !
POSSIBLE NAME CHANGE TO NAWAR'S NOBODIES
MarketDataBull: What is your opinion on the news release yesterday of a reserve base credit facility? Is this a good thing or are we headed down the same path that got the company into trouble and almost bankruptcy in the past?