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CALGARY, AB, Jan. 21, 2021 /CNW/ – Connacher Oil and Gas Limited ("Connacher" or the "Company") is pleased to announce the following: While 2020 was an extremely challenging and unprecedented year for the energy sector, Connacher advanced several key initiatives in the second half of the year to position the Company for the future. Earlier in the year, following the precipitous drop in crude oil prices caused by the COVID-19 pandemic, Connacher significantly reduced production from its Great Divide operations in order to preserve cash. As prices began to recover, production was safely ramped back up to pre-COVID levels towards the end of the second quarter. While there are many challenges remaining in the sector, including pipeline egress out of the basin and the regulatory environment, the Company exited 2020 in a relatively strong position to take advantage of an improving economy post-COVID and enhanced market access as major pipeline projects come into service. Improved Cost Structure In 2020, Connacher began two new initiatives and continued a third to improve profitability, enhance the Company’s competitiveness and position it for the future: Operational Efficiency Improvements through "One Connacher" In Q2 2020, Connacher approached the Alberta Energy Regulator ("AER") and Alberta […]
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