CALGARY - The industry relations director for the Mikisew Cree First Nation says the community's support of the massive Frontier oilsands open pit mining project includes an ongoing voice in how future development unfolds. Melody Lepine says the confidential agreement it signed last fall with developer Teck Resources Ltd. includes a provision requiring new negotiations before the company begins to mine its north pit, which would take it closer to Wood Buffalo National Park than any [Read more]
Archives for February 2019
Allegations surface about weapons and scuffles at Alton Gas riverside site
HALIFAX - The company that wants to build natural gas storage caverns north of Halifax has levelled fresh allegations against protesters camped on its land for years, saying some are armed with knives, "which could be used a weapons." Alton Gas alleges in court documents that access to a site near the Shubenacadie River has been impeded by protesters since 2016, which is why Alton has asked the Nova Scotia Supreme Court for an order to remove them. The company submitted an [Read more]
Alberta cuts budget deficit forecast, warns of oil export drag
Alberta said on Wednesday its 2018-19 budget deficit will be nearly $2 billion less than previously forecast, but warned congestion on crude export pipelines would continue to hurt the economy. Higher resource revenues in the first part of the fiscal year as well as personal income tax and federal transfers boosted provincial revenues, the government said in its third-quarter fiscal update. It now expects the budget deficit to narrow to $6.9 billion in the current fiscal year through [Read more]
With election looming, Alberta announces budget on track for $6.9B deficit
EDMONTON - Alberta is on track for a $6.9-billion budget deficit amid speculation voters will go to the polls this spring before a new budget is introduced. The budget had originally forecast a deficit of $8.8 billion, but Finance Minister Joe Ceci says a lower dollar and higher than expected bitumen royalties have helped reduce the red ink. Ceci released the numbers as part of a third-quarter update for the current fiscal year. Total revenue this year is forecast at $49.6 billion and [Read more]
Occidental Petroleum Announces Dividend
HOUSTON, Feb. 27, 2019 (GLOBE NEWSWIRE) -- Occidental Petroleum Corporation (NYSE:OXY) said today that its Board of Directors has declared a regular quarterly dividend of $0.78 per share on common stock payable on April 15, 2019, to stockholders of record as of March 11, 2019. Occidental has paid quarterly dividends continuously since 1975 and has increased its dividend each year since 2002. The current annual rate is $3.12 per share. About Occidental Petroleum Occidental Petroleum [Read more]
Journey Energy Inc. Reports 2018 Reserves and Provides an Update on its Emerging Duvernay Resource Play
CALGARY, Feb. 27, 2019 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to report its year-end 2018 oil and gas reserves evaluation. During 2018, the Company invested approximately $27 million in capital projects net of acquisition and divestiture ("A&D") activities. Exploration and development ("E&D") activities accounted for approximately $32 million while A&D activities resulted in net proceeds of approximately $5 million. E&D activities [Read more]
Tamarack Valley Energy Ltd. Announces Record 2018 Financial and Operating Results Including 43% Increase in Total Adjusted Operating Field Netbacks, 20% Increase in Production and 22% Increase in Oil Reserves
TSX:TVE - CALGARY, Feb. 27, 2019 /CNW/ - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") is pleased to announce its financial and operating results for the three and twelve months ended December 31, 2018 and the results of its independent oil and gas reserves evaluation as of December 31, 2018, prepared by GLJ Petroleum Consultants Ltd. ("GLJ"). Selected financial, operational and reserves information is outlined below and should be read with Tamarack's audited consolidated financial [Read more]
Vertex Energy, Inc. to Release Fourth Quarter and Full-Year Financial Results on March 6, 2019
HOUSTON, Feb. 27, 2019 (GLOBE NEWSWIRE) -- Vertex Energy, Inc. (VTNR), a specialty refiner and marketer of high-quality hydrocarbon products, announced today that it will release its financial results for the fourth quarter and year ended December 31, 2018 on Wednesday, March 6, 2019. Management will host a conference call on the same day at 9:00 A.M. EST. Those who wish to participate in the conference call may telephone 1-877-869-3847 from the U.S. and International callers may [Read more]
Develop Your Financial Model – And A Strategic Advantage
When key business decisions need to be made in short time frames amid a backdrop of market volatility, a robust financial model remains one of the top tools in your company’s arsenal to evaluate the consequences of your strategy. Bank of Canada Governor Stephen Poloz has cautioned Canadians to be prepared for economic volatility (although he has stated to national media that he is not expecting a recession in 2019). Recent historic actions by Alberta’s provincial government to raise oil [Read more]
XI Technologies: Celebrating Canadian E&P Accomplishments in the last year
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. This week we’ve dug into our drilling data to give you our biannual Drilling Top Tens. If you'd like Wednesday Word to the Wise delivered directly to your inbox, subscribe here. Canada’s energy industry is not only the most carefully managed, regulated, and environmentally responsible in the world, it’s also one of the [Read more]
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