CALGARY - The head of Encana offered a blunt take on the accumulating layoffs in the oil and gas sector as the Calgary-based energy giant announced plans Wednesday to cut its workforce by 20 per cent this year."The job reductions not only at Encana but across the industry have been as severe as I've ever seen in 33 years," CEO Doug Suttles said in a conference call with investors after the company released its fourth quarter results.Last year, as oil prices took a nosedive, the company laid off [Read more]
Archives for 2016
AES Reports 2015 Proportional Free Cash Flow of $1,241 Million and Adjusted EPS of $1.22
2015 Achievements Increased quarterly dividend by 10%, to $0.11 per share, beginning in the first quarter of 2016 Returned $757 million to shareholders through share repurchases and dividend payments Used $345 million to prepay or refinance Parent debt Brought on-line 1,484 MW of new projects, with an additional 5,620 MW currently under construction, the majority of which is [Read more]
Encana Reports Strong 2015 Operating Performance and Reduces Planned 2016 Capital Investment by Around 55 Percent Year-Over-Year
CALGARY, AB --(Marketwired - February 24, 2016) - (TSX: ECA) (NYSE: ECA) Encana took decisive steps in 2015 to further strengthen its balance sheet by significantly lowering debt, increasing its financial flexibility and liquidity and aggressively driving down costs. The company focused its 2015 capital investment on its core four assets, the Permian, Eagle Ford, Duvernay and Montney, which exceeded their combined fourth quarter production target. Highlights in 2015 include: fourth [Read more]
H.E. Khalid A. Al-Falih of Saudi Aramco is the 2016 “Energy Intelligence Petroleum Executive of the Year”
NEW YORK--(BUSINESS WIRE)--Energy Intelligence announced today that H.E. Khalid A. Al-Falih, Chairman of the Board of Directors of the Saudi Arabian Oil Company (Saudi Aramco), has been named 2016 Energy Intelligence Petroleum Executive of the Year. He was chosen by a selection committee made up of top global oil industry executives, and is the 20th winner of this highly regarded, peer-selected honor. The award will be presented to Al-Falih on October [Read more]
Alberta releasing updated budget numbers with oil cash well below projections
EDMONTON - Alberta Finance Minister Joe Ceci says the prolonged cratering of world oil prices is expected to saddle his province with a $10.4-billion deficit in the next budget."It's a lot. It's a helluva lot of money," Ceci admitted at a legislature news conference Wednesday."That is simply the reality of our circumstances."In last fall's budget, the province projected a $5.4-billion deficit for the 2016-17 fiscal year. Ceci said the new $5-billion figure would be on top of that."This is the [Read more]
Western Canada Oil & Gas Industry Roadmap Event
February 29, 9AM to 5 PM, Hyatt Regency, Calgary: Milestone GRP hosts the ‘Western Canada Oil & Gas Industry Roadmap Event’, which brings together an impressive group of participants from their upcoming 250-page industry-focused report: ‘The Global Investor’s Guide: Western Canada Oil & Gas, 2016’. High-level keynotes and expert panelists will discuss the timely and crucial question: What’s next for Western Canada’s oil and gas industry? The Guide is a unique presentation of the [Read more]
Strad Energy Services Announces Fourth Quarter Results
CALGARY, ALBERTA--(Marketwired - Feb. 23, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ("U.S.") The news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For full disclosure of the forward-looking information and statements and the risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news [Read more]
Global Analysis of the Oil and Gas Analytical Instrumentation Market
LONDON, Feb. 23, 2016 /PRNewswire/ -- Global Analysis of the Oil and Gas Analytical Instrumentation Market : Regulations and Improving Technology Development Stimulate GrowthThis research service analyzes the global oil and gas analytical instrumentation market The product segments covered include gas chromatographs, spectrometers, gas analyzers, and liquid analyzers Oil and gas application areas are divided into the upstream, midstream, and downstream sectors Revenue forecasts are provided by [Read more]
Journey Energy Inc. Reports Increased Reserves for 2015 and Updates Guidance for 2016
CALGARY, Feb. 23, 2016 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to report its year end 2015 oil and gas reserves evaluation. During 2015, the company invested approximately $48 million in its capital program including $41 million in exploration and development, and $7 million to consolidate working interests in core properties. In response to decreasing commodity prices, Journey's capital program was adjusted lower to preserve our balance sheet. Total [Read more]
B.C. firms hiring skilled trades people from Alberta’s oilpatch: group
EDMONTON - Alberta's pain is British Columbia's gain.The B.C. Construction Association said Tuesday that its member companies have been busy hiring skilled tradespeople who had been working in Alberta's slumping energy sector.Association president Manley McLachlan said these include British Columbians who were working in the oilpatch and unemployed Albertans heading west to seek jobs."There is a tremendous amount of work available in the Lower Mainland," McLachlan said Tuesday from Victoria."We [Read more]
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