Western Canada’s fleet of drilling rigs went up from 211 to 223 according to data collected by Baker Hughes for the week of July 27th. From one week ago, Alberta rig counts increased from 144 to 150. Saskatchewan's rig count increased from 46 to 52. Oil drilling went from 142 to 154; natural gas rigs remained at 69. View a full breakdown of western Canada’s rig activity. [Read more]
Archives for July 2018
Phillips 66 ‘maxed out’ on Canadian heavy crude oil -CEO
Phillips 66 is running all the heavy Canadian crude oil the independent refiner can handle at its U.S. refineries and will not seek additional supply from a new pipeline, Chief Executive Greg Garland said on Friday. "We're bringing over 500,000 barrels a day of Canadian crude in today," Garland said during a conference call with Wall Street analysts. "So we're the largest importer of Canadian crude. We're probably running at about 80 percent of it or so, I would guess. So we're kind of maxed [Read more]
U.S. drillers add oil rigs for first week in three
U.S. energy companies this week added oil rigs for the first time in the past three weeks as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years. That move higher came despite recent declines in U.S. crude prices , which are on track to fall for a fourth week in a row this week on worries trade tensions between the U.S., China and Europe could hurt oil demand. Drillers added three oil rigs in the week [Read more]
Alberta man faces fraud charges over fracking product
RED DEER, Alta. - A central Alberta man faces fraud charges over an oilfield product that was supposed to have resulted in big profits. RCMP say investors instead lost $2.6 million. "It was one of the larger fraud files we've had in the area," Const. William Lewadniuk of the Red Deer Financial Crimes Unit said Friday. Lewadniuk said the man was selling a product he said would make fracking operations at oilwells cheaper and more environmentally friendly. He said, for example, he could [Read more]
PANHANDLE OIL AND GAS INC. Announces Fiscal 2018 Third Quarter Financial Results Release Date
OKLAHOMA CITY, July 27, 2018 /PRNewswire/ -- PANHANDLE OIL AND GAS INC. (NYSE: PHX) announced today that it plans to release results for its fiscal 2018 third quarter and nine months ended June 30, 2018, on Monday, Aug. 6, 2018. Panhandle Oil and Gas Inc. (NYSE: PHX) Oklahoma City based Panhandle Oil and Gas Inc. is engaged in the acquisition, management and development of non-operated oil and gas properties on its mineral and leasehold acreage, with its principal properties located in [Read more]
Offshore oil worker who tested positive for drug use ordered reinstated: court
ST. JOHN'S, N.L. - Newfoundland and Labrador's highest court has upheld a decision to reinstate an offshore oil worker who was fired after he tested positive for taking an unauthorized form of tranquilizer. Drug tests were ordered in January 2015 for eight Hibernia platform employees after a series of mistakes were spotted in manifests used to track luggage loaded on the helicopters that carry workers to and from the platform. All parties involved in the case, including the Communications, [Read more]
Exxon profit surges, just not enough
IRVING, Texas - Rising oil prices pushed second-quarter profit at Exxon Mobil Corp. up by 18 per cent, but the results Friday fell short of Wall Street expectations, and shares dropped in early trading. Exxon earned $3.95 billion in the second quarter, or 92 cents per share. Analysts were looking for $1.26 per share, according to a survey by Zacks Investment Research. Exxon does not adjust results based on one-time events such as asset sales, which totalled $307 million in the [Read more]
Junex Inc. Determines That Most Recent Utica Offer Does Not Constitute Superior Proposal
QUEBEC CITY, July 27, 2018 (GLOBE NEWSWIRE) -- Junex Inc. (“Junex”) (TSXV:JNX) announces that it has determined that the unsolicited offer announced on July 23, 2018 from Utica Resources Inc. (“Utica”) to acquire all of the outstanding common shares of Junex (the “Utica Offer”) does not constitute a “Superior Proposal” under the arrangement agreement dated June 8, 2018 (the “Arrangement Agreement”) between Junex and Cuda Energy Inc. (“Cuda”). That determination follows a comprehensive review of [Read more]
Imperial Oil posts $196-million profit in second quarter, higher revenue
CALGARY - Imperial Oil Ltd. had a $196-million profit in the second quarter and a nearly 36 per cent increase in revenue, marking a turnaround from the loss it experienced a year earlier. The quarter's net income was 24 cents per share, which compared with a year-earlier loss of $77 million or nine cents per share. Total revenue was $9.5 billion, up about $2.5 billion from a year earlier. Imperial's downstream activities were the major drivers of growth during the [Read more]
Imperial earns $196 million in the second quarter of 2018
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX: IMO): Nearly $900 million of cash generated from operations; more than $1 billion returned to shareholders Renewed share purchase program; returned $1.6 billion to shareholders under prior 12-month program Major upstream and downstream planned maintenance completed; positioned for strong second half Second quarter Six months millions of Canadian dollars, unless [Read more]
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