CALGARY, Alberta, May 01, 2019 (GLOBE NEWSWIRE) -- “Suncor’s integrated model has consistently generated positive results through changing market conditions, including mandatory production curtailments in Alberta, and the first quarter of 2019 was no different,” said Mark Little, president and chief operating officer. “Funds from operations increased to $2.6 billion in the first quarter of 2019 as we continue to execute on our long‑term strategy.” Funds from operations were $2.585 billion [Read more]
Archives for May 2019
Junior producer cites gas prices, tax bills, court decision as it shuts down
CALGARY - Junior oil and gas company Trident Exploration Corp. says it is ceasing operations and will turn over care of its 4,700 wells to the Alberta Energy Regulator. In a news release, the privately held Calgary-based company says its abandonment and reclamation obligations are estimated to be $329 million and it doesn't expect any financial recovery for shareholders or unsecured creditors. It says it terminated 33 employees and 61 contractors on Tuesday. In the [Read more]
Suncor Energy declares dividend
All financial figures are in Canadian dollars.CALGARY, Alberta, May 01, 2019 (GLOBE NEWSWIRE) -- Suncor Energy’s Board of Directors has approved a quarterly dividend of $0.42 per share on its common shares, payable June 25, 2019 to shareholders of record at the close of business on June 4, 2019. Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development and upgrading, offshore oil and gas production, petroleum refining, and product marketing [Read more]
ONEnergy Delayed in Completion of Annual Filings
Toronto, Ontario / TheNewswire / May 1, 2019 - ONEnergy Inc. ("ONEnergy" or the "Company") (TSX-V: OEG) announced today that its audited financial statements, CEO and CFO certifications, and management discussion and analysis (the "Annual Filings") for the year ended December 31, 2018 was not released as scheduled on April 30, 2019. The Company currently anticipates being able to file the Annual Filings on or before June 30, 2019. The reason for the default in filing these statements prior [Read more]
PSAC Lowers Its 2019 Oilfield Services Activity Forecast: Market Access Challenges Suppress Reinvestment
CALGARY, AB (May 1, 2019) – Today, the Petroleum Services Association of Canada (PSAC) in its Midyear Update to the 2019 Canadian Oilfield Services Activity Forecast lowered, for a second time, its Forecast for the number of wells drilled (rig released) in 2019 across Canada to 5,300 wells - a drop of 1,300 or twenty per cent (20%) from the original Forecast of 6,600 in November 2018. PSAC has based its updated Forecast on an average natural gas price of C$1.65/mcf (AECO), crude oil price of [Read more]
Painted Pony Maintains Credit Capacity and Reduces Net Debt by $55 million, Announces First Quarter Financial and Operating Results
CALGARY, May 1, 2019 /CNW/ - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce first quarter financial and operating results. HIGHLIGHTS: Maintained total credit capacity of $400 million; Reduced bank debt by approximately $55 million at the end of the first quarter of 2019 compared to the first quarter of 2018; Generated adjusted funds flow from operations of $46.5 million ($0.29 per share basic), compared to $46.6 million ($0.29 per [Read more]
Apache Corporation Announces First-Quarter 2019 Financial and Operational Results
HOUSTON, May 01, 2019 (GLOBE NEWSWIRE) -- Apache Corporation (NYSE, Nasdaq: APA) today announced first-quarter 2019 financial and operational results on its website at www.apachecorp.com or investor.apachecorp.com as well as on Twitter (@ApacheCorp). There will be a conference call May 2 at 10 a.m. Central time to discuss the results. The conference call will be webcast from the website, and the webcast replay will be archived there as well. The conference call will also be available for [Read more]
Association cuts oil and gas drilling forecast again as slowdown deepens
CALGARY - The Petroleum Services Association of Canada is again lowering its forecast for how many oil and gas wells will be drilled in Canada this year. It says it now thinks just 5,300 wells will be drilled, down from a revised estimate of 5,600 wells in January and well off the pace of last year when 6,948 were drilled. It originally called for 6,600 wells in November. PSAC CEO Gary Mar says the slowdown is due to decaying investor confidence as export pipeline projects are [Read more]
Morneau insists LNG export terminal shows Canada can deliver big projects
OTTAWA - Finance Minister Bill Morneau argues that a $40-billion project to eventually ship liquefied natural gas to Asia from Canada's west coast shows the country can still get big things done. The federal Liberals have been facing criticism from some political foes and business leaders over Canada's regulatory hurdles, including those blamed for holding back the construction of oil pipelines out of Alberta. Morneau insists work is already underway on the LNG Canada project in British [Read more]
Alberta law allows oil cuts to B.C.; Premier Kenney says won’t use right away
EDMONTON - Alberta Premier Jason Kenney says his government now has the power to reduce oil flows to British Columbia in the fight over the Trans Mountain pipeline expansion. Kenney says he called B.C. Premier John Horgan after the cabinet proclaimed a bill into law on Tuesday. He says it was a cordial discussion and he emphasized to Horgan that it's not Alberta's intention to use the legislation right away, but that the province will defend its interests. The bill was [Read more]