Canadian oil and gas producer Cenovus Energy Inc on Monday named industry veteran Alex Pourbaix chief executive officer, effective Nov. 6. Cenovus said in June it would replace Chief Executive Brian Ferguson after investors rejected Ferguson's rationale for expanding in Canada's high-cost oil sands. Pourbaix, who worked at TransCanada Corp for 27 years, most recently held the role of chief operating officer at Canada's second-largest pipeline operator. Calgary-based [Read more]
Archives for October 2017
Cenovus appoints Alex Pourbaix as new President & CEO
CALGARY, Alberta, Oct. 30, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) today announced the appointment of Alex Pourbaix as President & Chief Executive Officer and member of the Board of Directors. Pourbaix will start the role on November 6. He replaces Brian Ferguson, who announced earlier this year that he will be retiring from that position after 33 years with Cenovus and its predecessor companies. Ferguson’s last day as President & Chief Executive Officer will be [Read more]
Vermilion Energy Inc. Announces Results for the Three and Nine Months Ended September 30, 2017
CALGARY, Oct. 30, 2017 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", "Us" or the "Company") (TSX, NYSE: VET) is pleased to report operating and unaudited financial results for the three and nine months ended September 30, 2017. The unaudited financial statements and management discussion and analysis for the three and nine months ended September 30, 2017, will be available on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on EDGAR at [Read more]
U.S. oil exports boom, putting infrastructure to the test
NEW YORK/HOUSTON (Reuters) - Tankers carrying record levels of crude are leaving in droves from Texas and Louisiana ports, and more growth in the fledgling U.S. oil export market may before long test the limits of infrastructure like pipelines, dock space and ship traffic. U.S. crude exports have boomed since the decades-old ban was lifted less than two years ago, with shipments recently hitting a record of 2 million barrels a day. But shippers and traders fear the rising trend is not [Read more]
Alberta’s Conservatives pick former federal MP to lead party
A former federal politician was elected on Saturday as leader of the right-leaning opposition in Canada's oil-rich Alberta province, becoming the first permanent head of a new conservative movement formed from splintered factions. Jason Kenney, a former federal cabinet minister, was elected with 61.1 percent of the vote, the United Conservative Party announced at an event in Alberta's largest city of Calgary. Kenney will head a party formed this year from the Progressive Conservative and [Read more]
Canada’s Burnaby, B.C., hits back at Kinder Morgan in pipeline dispute
The city of Burnaby, British Columbia, accused Kinder Morgan Canada Ltd of disrespecting municipal regulations on Friday, after the company appealed to Canada's energy regulator for approval to start work on its Trans Mountain oil pipeline. The company, a unit of Houston-based Kinder Morgan Inc , on Thursday asked the National Energy Board for approval to start some construction work in Burnaby as it has been unable to obtain the necessary permits from the city. Kinder Morgan said [Read more]
Manitoba sets carbon tax at $25 a tonne as Trudeau warns feds will impose price
WINNIPEG - The federal and Manitoba governments moved closer to a clash over carbon pricing Friday, as Prime Minister Justin Trudeau said his government will impose a carbon tax in Manitoba if need be. "There will be a federal backstop and if any province doesn't move forward in an appropriate way, the federal government will ensure that the equivalent price on carbon is applied to the specific jurisdiction," Trudeau said in Saint-Bruno-de-Montarville, just east of Montreal. "We [Read more]
Canada Weekly Rig Count Down 11 to 191
Western Canada’s fleet of drilling rigs declined by 11 to the current 191 actively drilling rigs according to data collected by Baker Hughes for the week of October 27th. From one week ago, Alberta rig counts decreased from 141 to 136, the Saskatchewan rig count decreased by 5 from 30 to 25. Oil drilling declined by 11 to 96; gas rigs went down 1 to 94. View a full breakdown of western Canada’s rig activity. [Read more]
Kinder Morgan appeals to energy board over permit delays for pipeline expansion
VANCOUVER - Kinder Morgan Canada Ltd. (TSX:KML) wants the National Energy Board to clear the way for work on the Burnaby, B.C., portion of its Trans Mountain pipeline expansion project. A statement released by the company says it wants a determination from the board allowing the work to begin, even though it has failed to obtain municipal permits from the City of Burnaby. Kinder Morgan says Burnaby's "failure to act in a timely manner raises serious issues of jurisdiction" [Read more]
WTI and Brent crude oil edge away from yesterday highs
LONDON (Reuters) - Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from Saudi Arabia’s crown prince for extending OPEC-led output cuts created a floor. Brent fell 38 cents to $58.92 a barrel by 1215 GMT, after Thursday’s rise to $59.55, its highest since July 2015 and more than 30 percent above its 2017 lows touched in June. U.S. light crude oil was down 28 cents at $52.36 but still 25 percent above its June low. U.S. crude prices have [Read more]
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