Birchcliff Energy Ltd (TSX:BIR)
Shares Issued 265,946,229
Last Close 2/17/2021 $3.25
Wednesday February 17 2021 - In the News
The Financial Post reports in its Wednesday edition that Canadian natural gas producers are sending huge volumes of the commodity to the United States, which is currently mired in a deep freeze that has caused rolling power outages and record-setting spikes in both gas and electricity prices.The Post's Geoffrey Morgan quotes Birchcliff Energy's Jeffrey Tonken saying, "It's more than just a cold streak." The Arctic blast has led to freezing conditions as far south as Texas. Mr. Tonken said the deep freeze has knocked out U.S. gas supplies and is causing a huge drawdown in gas storage, leading to a "structural change" for an industry that is now seeing demand outstrip supply.Natural gas production in the U.S. has fallen by as much as 17 billion cubic feet per day, an 18-per-cent drop from a month ago, because oil and gas wells in Texas are not properly winterized so they are freezing and being shut in.Natural gas production was already five billion cubic feet a day lower in the U.S. at the beginning of 2021 than a year ago because of the pandemic, which caused a drop in oil and gas prices and forced many U.S. shale and conventional producers to shut in their wells.