Suncor Energy Inc , Canada's second-largest energy producer, does not need to reduce crude output as some of its peers are doing to cope with low prices, Chief Executive Steve Williams said on Thursday.Suncor, which has dedicated pipeline space for its crude as well as refineries in Canada, is mostly insulated from the impact of growing discounts on Canadian crude that are due to pipeline constraints. (Reporting by Rod Nickel in Calgary, Alberta) [Read more]
Archives for November 2018
Marathon Petroleum’s Canadian imports climb to 500,000 bpd – CEO
Marathon Petroleum CEO Gary Heminger told investors on Thursday that the company is importing more than 500,000 barrels per day of Canadian crude into its refinery network.Marathon , the nation's largest refiner with more than 3 million bpd of capacity, is taking advantage of steep discounts being offered by Canadian producers who lack enough pipeline and rail capacity to move crude oil.Heminger made the comments during an earnings call Thursday. (Reporting By Jarrett Renshaw Editing by [Read more]
TransCanada going ahead with expansion of Nova Gas, reports Q3 profit up
CALGARY - TransCanada Corp. says it will go ahead with a $1.5-billion expansion of its Nova Gas Transmission Ltd. System. The plan includes approximately 197 kilometres of large diameter pipeline, three compression units, meter stations and associated facilities. The pipeline company says applications for approvals to construct and operate the facilities are expected to be filed with the National Energy Board in the second quarter of 2019. The decision comes as [Read more]
Canadian Natural reports $1.8B Q3 profit, up from $684M a year ago
CALGARY - Canadian Natural Resources Ltd. reported a third-quarter profit of $1.80 billion, up from $684 million a year ago. The oil and gas producer says the profit amounted to $1.47 per diluted share for the quarter ended Sept. 30, compared with 56 cents per diluted share a year ago. Revenue totalled nearly $5.9 billion, up from $4.47 billion in the same quarter last year. Production in the quarter amounted to 1,060,629 barrels of oil equivalent per day, up from [Read more]
Encana to buy Newfield Exploration in all-stock deal, plans to raise dividend
CALGARY - Encana Corp. has signed a deal to acquire Newfield Exploration Co. in an all-stock offer it said was worth about US$5.5 billion. Under the deal announced Thursday, Newfield shareholders will receive 2.6719 Encana shares for each share of Newfield common stock. Encana will also assume US$2.2 billion of Newfield debt. "This strategic combination advances our strategy and is immediately accretive to our five-year plan," Encana chief executive Doug Suttles said in a [Read more]
Whitecap Resources Inc. Announces Record Funds Flow and Third Quarter 2018 Results
CALGARY, Nov. 1, 2018 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to report its operating and unaudited financial results for the three and nine months ended September 30, 2018. Selected financial and operating information is outlined below and should be read with Whitecap's unaudited interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") which are available at www.sedar.com and on our website at [Read more]
TransCanada Declares Quarterly Dividends
CALGARY, Alberta, Nov. 01, 2018 (GLOBE NEWSWIRE) -- News Release – TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) today announced that the Board of Directors (Board) of TransCanada declared a quarterly dividend of $0.69 per common share for the quarter ending December 31, 2018, on the Company’s outstanding common shares. The common share dividend is payable on January 31, 2019 to shareholders of record at the close of business on December 31, 2018. The Board also [Read more]
Encana delivers strong third quarter financial and operational performance; significant liquids growth driving margin expansion and returns
CALGARY, Alberta, Nov. 01, 2018 (GLOBE NEWSWIRE) -- TSX, NYSE: ECA Encana delivered strong financial performance in the third quarter driven by significant liquids growth, high realized pricing and continued efficiencies. Financial and operating highlights from the quarter include: net earnings of $39 million cash from operating activities of $885 million, up 148 percent year-over-year non-GAAP free cash flow of $66 million; company is on track to generate full-year non-GAAP free [Read more]
Encana announces strategic combination with Newfield Exploration Company; intends to raise dividend by 25 percent and expand its share buyback program to $1.5 billion, post closing
CALGARY, Alberta, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Encana Corporation (Encana) (TSX, NYSE: ECA) and Newfield Exploration Company (Newfield) (NYSE: NFX) today announced that they have entered into a definitive agreement whereby Encana will acquire all of the outstanding shares of common stock of Newfield in an all-stock transaction valued at approximately $5.5 billion. In addition, Encana will assume $2.2 billion of Newfield net debt. The strategic combination will create a leading multi-basin [Read more]
MEG Energy reports record production, record low net operating costs per barrel, and strong funds flow from operations in third quarter of 2018
Solid operations deliver production and cash flow growth All financial figures in Canadian dollars ($ or C$) unless otherwise noted CALGARY, Nov 1, 2018 /CNW/ - MEG Energy Corp. (TSX:MEG) today reported third quarter 2018 operating and financial results. Highlights include: Record quarterly bitumen production volumes of 98,751 barrels per day (bpd) and low steam-oil-ratio (SOR) of 2.2. Annual production is well on-track to achieve 2018 guidance of 87,000 to 90,000 bpd; Record low [Read more]