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Layoffs begin in beleaguered oilpatch as companies brace for spending cuts

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Canada’s oilfield services sector — a bellwether for the state of the oilpatch — is beginning to see job losses as the impact of steep discounts on Alberta oil ripple through the sector.

Trican Well Service, according to the Financial Post, laid off 70 of its 2,200 employees this week, pointing to an anticipated slowdown in activity next year due to lower energy prices and discounts on Canadian crude.

The news comes amid warnings of job losses across the sector if the oil glut that’s been dragging down Canadian crude prices does not improve soon.

The oilfield services sector is on the front lines of energy development, hired to do the drilling, producing and maintenance of oil and gas wells. They’re also involved in the manufacturing of oilpatch equipment and supplies, such as steel piping. The business and its workers thrive when the oilpatch is busiest.

But with the price of Canadian crude lagging far behind the American standard, spending plans in the industry are now under scrutiny — and those in the oilfield services sector are preparing for bad news.

Pro-pipeline protesters gather and chant slogans outside a venue where Federal Finance Minister Bill Morneau was speaking in Calgary on Tuesday. (Jeff McIntosh/Canadian Press)

Murray Mullen, chairman of the Mullen Group, which has about 1,800 staff in its oilfield division, says customers are cancelling projects « left, right and centre. »

Meanwhile, it seems banks and investors are getting anxious about where the industry is headed, he said.

« So all of us that are in executive positions are going, ‘Well, we’ve got no choice but to be defensive, which usually means, you know, I’m going to have to lay off people, » Mullen said.

« We’re trying to not panic, but I can tell you my senses are very, very heightened. » 

When oil prices collapsed in 2014, oilfield services companies were hit hard as activity slowed in the oilpatch and thousands of jobs were shed. 

There have been no reports of similarly deep cuts recently, though the province says it has received notice of seven layoffs of 50 or more people in the energy sector since April 1.

With Canadian oil selling at steep discounts due to a supply glut and production companies re-examining their spending, there’s again worry about what the future holds.

Economist Peter Tertzakian recently warned that if the oil glut isn’t rectified in « the next few weeks, » workers could be slapped with layoffs and the winter drilling season could be lost.

Alberta’s United Conservative Party Leader Jason Kenney told CBC’s Calgary Eyeopener on Thursday that industry leaders describe the situation as a « five-alarm fire. »

« Companies right now are slashing their capital budgets for the upcoming winter, including their drilling budgets, » Kenney said, « which would massively damage the service sector that exists all throughout Alberta — all these little companies and thousands of employees. We’re looking at a potential wave of layoffs.

Earlier this month, the Petroleum Services Association of Canada (PSAC) predicted a total of 6,600 wells will be drilled in Canada in 2019, down about five per cent from this year. The association said that translates to a year-over-year decrease of up to $1.8 billion in capital spending by exploration and production companies.

Jason Kenney, leader of the United Conservative Party, says he’s been told the industry is facing a « five-alarm fire. » (Darren Calabrese/Canadian Press )

PSAC chairman Duncan Au said in an interview this week that the sector is « extremely concerned » by activity levels in the oilpatch and the discounts on Canadian crude.

Like others across the energy sector, Au says the problem is a lack of takeaway capacity — both pipelines and rail — for Canadian oil. This has added to the oil glut, which is weighing heavily on prices.

The situation means some oil and gas companies are not experiencing their normal cash flows and may also be challenged to raise money from investors.

« What that translates to is that our activity levels on the services side is slowing down and we saw that significantly here in November, » Au said.

If firms haven’t already trimmed staff, many would be in the planning process, he said.

Au is also the president of CWC Energy Services, a large service rig company based in Calgary. He said his company has grown over the past four years to a peak of 770 employees earlier this year.

Now, it has under 700 staff.

« You can’t say it was just cut overnight, » Au said. « But that is the number of employees … based on the level of activity that we currently are seeing in our basin. »

Au is going to Ottawa next week to seek government support for a new strategy, led by PSAC, that aims to bolster support for Canada’s energy sector. They want to create a brand that promotes all Canadian energy.

« And that brand for Canadian energy will go beyond oil and natural gas, » Au said. « It’ll go into solar, wind, hydro, nuclear — all of the things that make Canada great in terms of energy. »

Premier Rachel Notley announced Wednesday her government will buy two new unit trains that can transport an additional 120,000 barrels a day. (Matthew Brown/AP Photo)

For weeks, the price of Western Canadian Select (WCS) has been tracking roughly $40 US a barrel less than West Texas Intermediate (WTI). In better times, it might track around $15 below.

Analysts are uncertain exactly how long the situation will last, though some think the price differential will improve in the coming months and normalize by around this time next year.

Premier Rachel Notley announced Wednesday her government will buy two new unit trains that can transport an additional 120,000 barrels a day, increasing the amount of oil being moved by rail in Canada by a third. 

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Anglais

Nostalgia and much more with Starburst XXXtreme

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Get a taste of adventure with Starburst XXXtreme based on the legendary NetEnt Game. The nostalgic themes are sure to capture fans of the classic version as they get treated to higher intensity, better visuals, and features. The most significant element of the game is its volatility. Patience will not be an essential virtue considering the insane gameplay, and there is a lot of win potential involved. It retains the original makeup of the previous game while adding a healthy dose of adrenaline. 

Starburst Visuals and Symbols

The game is definitely more conspicuous than before. The setting happens over a 5-reel, 3-row game grid with nine fixed win lines, which function if a succession from the left to the right reel is present. Only those players that that attain the highest win per bet line are paid. From a visual standpoint, the Starburst XXXtreme slots illustrates lightning effects behind the reels, which is not surprising as it is inherited from the original version. Available themes include Classic, Jewels, and Space. The game is also available in both desktop and mobile versions, which is advantageous for players considering the global pandemic. According to Techguide, American gamers are increasingly having more engaging gaming experiences to socialize to fill the gap of in-person interaction. Starburst XXXtreme allows them to fill the social void at a time when there is so much time to be had indoors. 

Starburst XXXTreme Features

Players get to alternate on three features which are Starburst Wilds, XXXtreme Spins, and Random Wilds. The first appears on reels 2,3, or 4. When these land, they expand to cover all positions while also calculating the wins. They are also locked for a respin. If a new one hits, it also becomes locked while awarding another respin. Starburst XXXtreme offers a choice between two scenarios for a higher stake. In one scenario with a ten times stake, the Starburst Wild is set on random on reels 2,3, or 4, and a multiplier starts the respin. The second scenario, which has a 95 times stake, starts with two guaranteed starburst wilds on reels 2,3, or 4. it also plays out using respin game sequence and features. The game also increases the potential with the Random Wilds feature to add Starburst Wilds to a vacant reel at the end of a spin. Every Starburst Wild gives a random multiplier with potential wins of x2, x3, x5, x10, x25, x50, x100, or even x150.

The new feature is sure to be a big hit with the gaming market as online gambling has shown significant growth during the lockdown. AdAge indicates the current casino customer base is an estimated one in five Americans, so Starburst XXXtreme’s additional features will achieve considerable popularity. 

What We Think About The Game

The gambling market has continued to diversify post-pandemic, so it is one of the most opportune times to release an online casino-based game. Thankfully Starburst XXXtreme features eye-catching visuals, including the jewels and space themes. These attract audience participation and make the gameplay inviting. The game also has a nostalgic edge. The previous NetEnt iteration featured similar visuals and gameplay, so the audience has some familiarity with it. The producers have revamped this version by tweaking the features to improve the volatility and engagement. 

That is characterized by the potential win cap of 200,000 times the bet. Starburst XXXtreme does not just give betting alternatives for players that want to go big. The increase of multipliers also provides a great experience. If the respins in the previous version were great, knowing that multipliers can go hundreds of times overtakes the game to a new level. 

Players should get excited about this offering. All of the features can be triggered within a single spin. Whether one plays the standard game or takes the XXXtreme spin route, it is possible to activate all of the features. Of course, the potential 200,000 times potential is a huge carrot. However, the bet size is probably going to be restricted and vary depending on the casino. It is also worth pointing out that a malfunction during the gameplay will void all of the payouts and progress. Overall, the game itself has been designed to provide a capped win of 200,000 times the original bet. 

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Anglais

‘We’re back’: Montreal festival promoters happy to return but looking to next year

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In downtown Montreal, it’s festival season.

In the city’s entertainment district, a musical act was conducting a sound check on stage Friday evening — the second day of the French-language version of the renowned Just For Laughs comedy festival. Tickets for many of the festival’s free outdoor shows — limited by COVID-19 regulations — were sold out.

Two blocks away, more than 100 people were watching an acoustic performance by the Isaac Neto Trio — part of the last weekend of the Festival International Nuits d’Afrique, a celebration of music from the African continent and the African diaspora.

With COVID-19 restrictions continuing to limit capacity, festival organizers say they’re glad to be back but looking forward to next year when they hope border restrictions and capacity limits won’t affect their plans.

Charles Décarie, Just For Laughs’ CEO and president, said this is a “transition year.”

“Even though we have major constraints from the public health group in Montreal, we’ve managed to design a festival that can navigate through those constraints,” Décarie said.

The French-language Juste pour rire festival began on July 15 and is followed by the English-language festival until July 31.

When planning began in February and March, Décarie said, organizers came up with a variety of scenarios for different crowd sizes, ranging from no spectators to 50 per cent of usual capacity.

“You’ve got to build scenarios,” he said. “You do have to plan a little bit more than usual because you have to have alternatives.”

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Anglais

MELS new major movie studio to be built in Montreal

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MONTREAL — MELS Studios will build a new film studio in Montreal, filling some of the gap in supply to meet the demand of Hollywood productions.

MELS president Martin Carrier said on Friday that MELS 4 studio construction will begin « as soon as possible », either in the fall or winter of next year. The studio could host productions as early as spring 2023.

The total investment for the project is $76 million, with the Quebec government contributing a $25 million loan. The project will create 110 jobs, according to the company.

The TVA Group subsidiary’s project will enable it to stand out « even more » internationally, according to Quebecor president and CEO Pierre Karl Péladeau. In the past, MELS Studios has hosted several major productions, including chapters of the X-Men franchise. The next Transformers movie is shooting this summer in Montreal.

Péladeau insisted that local cultural productions would also benefit from the new facility, adding that the studio ensures foreign revenues and to showcase talent and maintain an industry of Quebec producers.

STUDIO SHORTAGE

The film industry is cramped in Montreal.

According to a report published last May by the Bureau du cinéma et de la télévision du Québec (BCTQ), there is a shortage of nearly 400,000 square feet of studio space.

With the addition of MELS 4, which will be 160,000 square feet, the company is filling part of the gap.

Carrier admitted that he has had to turn down contracts because of the lack of space, representing missed opportunities of « tens of millions of dollars, not only for MELS, but also for the Quebec economy. »

« Montreal’s expertise is in high demand, » said Montreal Mayor Valérie Plante, who was present at the announcement.

She said she received great testimonials from « Netflix, Disney, HBO and company » during an economic mission to Los Angeles in 2019.

« What stands out is that they love Montreal because of its expertise, knowledge and beauty. We need more space, like MELS 4, » she said.

There is still not enough capacity in Quebec, acknowledged Minister of Finance, the Economy and Innovation Eric Girard.

« It is certain that the government is concerned about fairness and balance, so if other requests come in, we will study them with the same seriousness as we have studied this one, » he said.

Grandé Studios is the second-largest player in the industry. Last May, the company said it had expansion plans that should begin in 2022. Investissement Québec and Bell are minority shareholders in the company.

For its part, MELS will have 400,000 square feet of production space once MELS 4 is completed. The company employs 450 people in Quebec and offers a range of services including studio and equipment rentals, image and sound postproduction, visual effects and a virtual production platform.

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