QUEBEC - The Quebec government announced Friday there won't be any further oil and gas exploration on Anticosti Island, putting the controversial drilling project to rest. Natural Resources Minister Pierre Arcand said a decision was taken to protect the island's natural character and support its bid to become a UNESCO World Heritage Site, which the province has formally backed. "It was clear to us that it was very difficult both to exploit the hydrocarbons and at the same time to [Read more]
Archives for July 2017
US rig count increases by 8 this week to 958
HOUSTON - The number of rigs exploring for oil and natural gas in the U.S. increased by eight this week to 958. A year ago, just 463 rigs were active. Houston oilfield services company Baker Hughes said Friday that 766 rigs sought oil and 192 explored for natural gas this week. Among major oil- and gas-producing states, New Mexico gained four rigs, Oklahoma increased by three and Louisiana, Ohio, West Virginia and Wyoming each gained one. Texas declined by one [Read more]
TransCanada looks to expand natural gas exports east and south as LNG dream fades
CALGARY - TransCanada Corp. is looking to boost its capacity to export natural gas east and south from the rich reserves of Western Canada as dreams of sending the gas to Asia fade further into the distance. The company (TSX:TRP) announced Friday a modest $160-million program to add capacity with more compressors on its Canadian Mainline system in southern Ontario so it can bring more gas to the province and Atlantic Canada, adding to the $2-billion commitment in June to expand its [Read more]
Canada’s Imperial Oil posts smaller quarterly loss
Imperial Oil Ltd reported a smaller second-quarter loss as Canada's No.2 integrated oil producer and refiner benefited from a surge in oil prices. North American oil producers are slowly gaining from a jump in global crude prices as an OPEC-led production cut and a rebound in demand slowly erode a global glut. The company said crude oil prices jumped 43.2 percent to C$51.62 per barrel compared to the year-ago period. The company sold bitumen from its Canadian oil sands projects for [Read more]
EP Energy to Host Second Quarter 2017 Results Webcast on August 3
HOUSTON, July 28, 2017 /PRNewswire/ -- EP Energy Corporation (NYSE: EPE) has scheduled a webcast at 10 a.m. Eastern Time, 9 a.m. Central Time, on Thursday, August 3, to discuss its second quarter 2017 financial and operational results. The company's second quarter earnings press release is scheduled to be issued after the New York Stock Exchange closes trading on Wednesday, August 2, 2017. The webcast may be accessed online through the company's website at [Read more]
TransCanada profit beats on U.S. pipelines unit strength
TransCanada Corp , Canada's No.2 pipeline operator, reported a better-than-expected profit on Friday, helped by strength in its U.S. natural gas pipelines and liquids pipelines units. Revenue from the company's U.S. natural gas pipelines unit more than doubled to C$879 million. The Calgary-based company's net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents [Read more]
TransCanada quarterly profit more than doubles
TransCanada Corp , Canada's No.2 pipeline operator, reported a quarterly profit on Friday which more than doubled, helped by strength in its natural gas and liquids pipelines units. The Calgary-based company's net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents per share, a year earlier. Revenue rose to C$3.22 billion from C$2.75 billion. (Reporting by Ahmed [Read more]
Third quarter dividend declaration
CALGARY, July 28, 2017 /CNW/ - Imperial Oil Limited today declared a quarterly dividend of 16 cents per share on the outstanding common shares of the company, payable on October 1, 2017, to shareholders of record at the close of business on September 1, 2017. This third quarter 2017 dividend compares with the second quarter 2017 dividend of 16 cents per share. Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. [Read more]
Imperial announces second quarter 2017 financial and operating results
Net loss of $77 million compared to a net loss of $181 million in second quarter of 2016 Progressing a comprehensive plan to improve reliability and achieve targeted production levels at Kearl Increased ability to deliver value to shareholders through an expanded share buyback program CALGARY, July 28, 2017 /CNW/ - Second quarter Six months millions of Canadian dollars, unless [Read more]
Oilsands developers abandon nearly one million hectares of exploration leases
CALGARY - In another sign the bloom is off the boom for the oilsands, the industry has returned almost one million hectares of northern Alberta exploration leases to the province over the past two years — abandoning an area far bigger than P.E.I. The total area covered by oilsands leases remained constant at about nine million hectares between 2011 and 2014. But it fell to 8.5 million hectares in 2015 and 8.1 million in 2016, following the crash in world oil prices from over US$100 to [Read more]
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