The U.S. oil rig count fell for a fourth time in the last five weeks as a 14-month drilling recovery stalled as energy firms reduced spending plans in response to recent crude price declines. The oil rig count fell by two to 748 in the week to Oct. 6, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is much higher than a year ago when only 428 rigs were active after energy companies [Read more]
Archives for October 2017
Tight oil export pipeline capacity expected to persist as Energy East cancelled
CALGARY - It's more vital than ever that three other pipelines to oil export markets proceed as planned in the wake of TransCanada Corp. (TSX:TRP) shelving its Energy East pipeline on Thursday, says AltaCorp Capital analyst Dirk Lever. Lever says Canadian producers will have to transport any incremental new oil production over the next year or so using railcars, and the pipeline transportation system out of Western Canada will remain tight for years. "We already know the next incremental [Read more]
WTI discount to Brent reflects logistics constraints: Kemp
Even as crude stocks decline elsewhere in the United States, stocks are rising in the Midwest, especially around the delivery point for the New York Mercantile Exchange's light sweet crude contract at Cushing in Oklahoma. Crude stocks at Cushing hit a low of 56 million barrels on July 28 but have since risen by almost 7 million barrels, according to the U.S. Energy Information Administration (EIA). In the rest of country, commercial crude stocks stood at 426 million barrels on July 28 but [Read more]
ConocoPhillips Appoints Caroline Maury Devine to its Board of Directors; Announces Richard Auchinleck’s Intent Not to Stand for Re-Election in 2018
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE:COP) today announced that its board of directors has elected Caroline Maury Devine to serve as a board member. Richard Auchinleck also notified the board of directors that he does not intend to stand for re-election as a director of the company at the end of his current term. “ConocoPhillips will benefit from Ms. Devine’s broad range of expertise in management and international affairs within our [Read more]
Oil down 3 percent, set to end five-week rally as oversupply fears resurface
NEW YORK (Reuters) - Oil futures plunged 3 percent on Friday, and were set to end Brent’s longest multi-week rally in 16 months following profit taking and the return of oversupply concerns. “Yesterday we had Russia and the Saudis talking about extending cooperation, and today we saw a little bit of backtracking with respect to additional cuts in production.” said Houston-based consultant Andrew Lipow. “What the market gained yesterday is clearly being given back today.” Russia on Friday [Read more]
Manitok Energy Inc. and Questfire Energy Corp. Provide Updated Information on the Proposed Plan of Arrangement
CALGARY, Oct. 6, 2017 /CNW/ - Manitok Energy Inc. ("Manitok") (TSXV: MEI) and Questfire Energy Corp. ("Questfire") (TSXV: Q.A) are pleased to provide additional information to its press release dated July 5, 2017 where Manitok and Questfire had announced that they had entered into a definitive agreement (the "Arrangement Agreement") providing for the acquisition by Manitok of all the issued and outstanding common shares of Questfire (the "Questfire Shares") pursuant to a plan of arrangement [Read more]
Struggling Saint John mourns lost pipeline: ‘A huge economic blow’
SAINT JOHN, N.B. - At what would have been the eastern end of the Energy East Pipeline, rookie Mayor Don Darling is in mourning. The veteran businessman, elected mayor just last year, presides over a declining city in a declining province, and had been counting on Energy East to help turn the corner. "This is a disappointment. It's an economic blow. I'm frustrated," Darling said Thursday. The $15.7 billion pipeline project would have carried western crude to the Irving [Read more]
U.S. Gulf oil producers curtail output ahead of Tropical Storm Nate
HOUSTON (Reuters) - Oil and natural gas operators began evacuating staff and halting production at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to rattle the Gulf Coast energy corridor. Nate, which has killed at least 10 people in Costa Rica and Nicaragua and caused intense rainfall, is forecast to scrape Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall this weekend in Louisiana, near several [Read more]
Controversial events in the history of TransCanada’s Energy East pipeline
TORONTO - TransCanada Corp. has cancelled its $15.7-billion proposed Energy East pipeline, with CEO Russ Girling citing non-specific "changed circumstances" Thursday morning. Supporters of the Calgary-based company's project — which would build and operate a 4,500-kilometre pipeline from Alberta to the East Coast — are casting the blame on costs and delays from federal government regulatory meddling, while other point to simple market forces. Here's a timeline of events in the controversial [Read more]
Energy East’s demise is unwelcome news for workers
TORONTO, Oct. 5, 2017 /CNW/ - Unifor was disappointed to learn that the Energy East pipeline proposal has been withdrawn and says that a national energy strategy is needed more than ever. "Unlike most other pipeline proposals being discussed today, Energy East had significant benefit for Canadians," said Jerry Dias, Unifor National President. "The National Energy Board's inability to secure this project only underscores how ineffective it has become." Unifor has supported TransCanada's [Read more]
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