CALGARY, ALBERTA--(Marketwired - March 30, 2017) - Total Energy Services Inc. (TSX:TOT) ("Total" or the "Corporation") announced today that, in connection with its previously announced Offer (as defined below) to purchase all of the issued and outstanding common shares ("Savanna Shares") of Savanna Energy Services Corp. ("Savanna"), it has purchased, through the facilities of the Toronto Stock Exchange (the "TSX"), 51,400 Savanna Shares (the "Acquired Shares"). All of the Acquired Shares were [Read more]
Archives for March 2017
Energy Transfer Equity Invests $300 Million in Sunoco LP through Preferred Equity Private Placement
DALLAS--(BUSINESS WIRE)--Sunoco LP (NYSE: SUN) (“SUN”) and Energy Transfer Equity, L.P. (NYSE: ETE) (“ETE”) today announced the completion of a private placement of $300 million in SUN preferred equity to ETE. Distributions on the new SUN Series A Perpetual Preferred Units (“Preferred Units”) issued to ETE are cumulative and will be payable quarterly from and including the date of original issue. The initial distribution rate of 10.00% per [Read more]
Calgary’s downtown office vacancy rate hits 25% as energy downturn persists
It should come as no surprise that Calgary’s downtown office market is closely correlated to conditions in the energy sector. Approximately 75% of downtown office tenants operate in the energy sector and the most of the remaining 25% are there to support it. Since Q4 2014, the downtown office vacancy rate has risen from 8.5% to 25% now totaling 10.6 million square feet of vacant space with nearly 40% of that being sublease space. Just how did we get here? Since 2014, approximately 5.5 million [Read more]
Blackbird Energy Inc. Announces Release of Second Quarter 2017 Financial and Operating Results
CALGARY, ALBERTA--(Marketwired - March 30, 2017) - Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird") is pleased to announce that it has released its second quarter 2017 financial and operating results. Blackbird's unaudited condensed consolidated interim financial statements and management's discussion and analysis for the quarter ended January 31, 2017 are available on SEDAR at www.sedar.com and are also posted on Blackbird's website at www.blackbirdenergyinc.com. About [Read more]
Iceberg has near-miss with massive floating oil platform off Newfoundland
ST. JOHN'S, N.L. - A floating oil platform off Newfoundland has had a near-miss with an iceberg the size of a small office building. Husky Energy said a "medium size" iceberg came within 180 metres of the SeaRose FPSO at about 5:30 a.m. Wednesday. "We had an iceberg pass close by our production facility," Husky's Colleen McConnell said Thursday. "We've been monitoring this particular piece of ice for awhile. It changed direction at about two in the morning, and we [Read more]
C$17.7B Cenovus deal seen as likely to be last oilsands blockbuster
CALGARY - Cenovus Energy's blockbuster $17.7-billion deal to buy most of the Canadian assets of Houston-based ConocoPhillips will likely stand as the biggest acquisition in the oilsands sector for years to come, say some industry watchers. While other deals are expected to materialize, analysts note there are fewer significant assets available after more than a year of consolidation transactions in Alberta's oilpatch worth billions. "If you think about who's left in terms of [Read more]
Oilsands showdown coming over cleanup of tailings ponds: report
EDMONTON - Alberta's oilsands could be heading for another showdown over tailings ponds after an independent assessment found that the cleanup plans of six major operators don't meet new rules. Suncor's intentions have been rejected by the Alberta Energy Regulator and a clean-energy think tank says its analysis has concluded plans by other producers have similar shortcomings. "All companies have submitted plans that are not consistent with Alberta's tailings management [Read more]
Newfield Exploration to Build New Water Recycling Facility
THE WOODLANDS, Texas, March 30, 2017 /PRNewswire/-- Newfield Exploration Company (NYSE: NFX) today announced it has broken ground on a water recycling facility located in its STACK play in the Anadarko Basin (Kingfisher County, Oklahoma). The complex, named the Barton Water Recycle Facility, is expected to process approximately 30,000 barrels of water per day (BWPD) upon completion early in the third quarter of 2017. "The new Barton facility will be capable of [Read more]
Chesapeake Energy Corporation Notifies Holders Of Its 2.5% Contingent Convertible Senior Notes Due 2037 Of Their Repurchase Option
OKLAHOMA CITY, March 30, 2017 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE:CHK) announced today that it is notifying holders of its 2.5% Contingent Convertible Senior Notes due 2037 (the "Notes") that they have the option, pursuant to the terms of the Notes, to require Chesapeake to purchase on May 15, 2017 (the "Repurchase Date") all or a portion of such holders' Notes (the "Repurchase Option"). The repurchase price is equal to 100% of the aggregate principal amount of the Note, together [Read more]
There Is No Such Thing As Peak Oil Demand
Notwithstanding that oil demand has increased for over 150 years, it will eventually stop increasing. If oil demand were to reach an actual peak, then the top might be easier to predict. As it stands, the forecast models of demand are likely predicting peak demand far later than it will be. The so-called balance of supply and demand has always been a moving target, a race to the top in which the two run neck and neck. Imbalances result from out-of-step growth rates and not from movements away [Read more]
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