TC Energy Corp and two former Columbia Pipeline Group Inc executives must defend against a lawsuit claiming the companies' $10 billion merger in 2016 shortchanged Columbia investors, a Delaware judge ruled on Monday. Vice Chancellor Travis Laster of the Delaware Chancery Court refused to dismiss the lawsuit by former Columbia shareholders, led by the Public Employees' Retirement System of Mississippi. Former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith [Read more]
Oil executives say demand will rise, despite emphasis on renewables
Oil demand is expected to rise over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, Hess Corp Chief Executive John Hess said at CERAWeek on Monday. At the biggest gathering of top energy leaders, investors and politicians from around the globe, climate change and renewable fuels are taking center stage this year with oil companies trying to reorient their portfolios as the fossil fuel industry reels from the [Read more]
Oil rises on vaccine optimism, U.S. stimulus
Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions. U.S. West Texas Intermediate (WTI) crude jumped 15 cents, or 0.24%, to $61.68 a barrel. Brent crude was up 44 cents, or 0.68%, at $64.84 a barrel. Both contracts finished February 18% higher. “The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth, and the view that the [Read more]
U.S. drillers add rigs for 7th month in a row, pace slows
U.S. energy firms this week added oil and natural gas rigs for a seventh month in a row, but the rate of growth slowed in February even as oil prices rose to their highest since 2019. The oil and gas rig count, an early indicator of future output, rose five to 402 in the week to Feb. 26, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total oil and gas rigs rose for a seventh month in a row for the first time since May [Read more]
Oil prices drop amid U.S. dollar strength, expectations for supply gains
Oil prices dropped on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to return to the market. U.S. West Texas Intermediate (WTI) crude futures dropped 74 cents, or 1.20%, to $62.71 a barrel. Brent crude futures for April, which expires on Friday, fell $1.52 cents, or 2.30%, to $65.50 a barrel. "Crude oil retreated modestly from recent highs amid a 'risk off' sentiment as [Read more]
Alberta sees budget deficit narrowing to C$18 bln as oil prices recover
The province of Alberta on Thursday estimated its 2021/22 budget deficit will shrink to C$18.2 billion, as its economy starts to recover from the damage wrought by the coronavirus pandemic. Alberta's 2020/21 deficit stood at C$20.2 billion, compared with a C$24.2 billion deficit projected in August, as recovering crude oil prices help the province narrow its deficit. Still, the deficit is larger than the historical trend, reflecting the impact of pandemic spending. Finance minister [Read more]
Oil hovers near 13-mth highs as storm hits U.S. output, Fed assures rates staying low
Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due to the storm in Texas. U.S. West Texas Intermediate crude for April was at $62.80 a barrel, down 62 cents, 0.96%. Brent crude futures for April lost 57 cents, 0.86%, to $66.66 a barrel. Both contracts touched their highest since Jan. 8, 2020, earlier in the [Read more]
‘A shiny toy’: The Alberta petrochemical complex at the heart of Brookfield’s Inter Pipeline bid
Inter Pipeline Ltd's ambitious petrochemical plant was meant to unlock new markets, instead it has left the Canadian company battling cost overruns and vulnerable to a hostile C$7.08 billion ($5.64 billion) takeover from Brookfield Infrastructure Partners. Some investors have ruled out a rival bid to Monday's offer for the oil and gas transportation company, and expect Brookfield to snap up Inter just before its newest asset, the Heartland Petrochemical Complex, comes into service. The C$4 [Read more]
Oil rises after data shows slump in U.S. output amid Texas freeze
Oil prices climbed on Wednesday to fresh 13-month highs after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week. U.S. West Texas Intermediate (WTI) crude futures rose $2.02, or 3.31%, to $63.21 a barrel. WTI reached $63.37, its highest since Jan. 8, 2020. Brent crude futures rose $2.00, or 3.08%, to $67.02 a barrel. Brent hit $67.30 a barrel, its highest since Jan. 8, 2020. U.S. crude oil production dropped last week by more than 1 million [Read more]
Trans Mountain seeks to shield insurers from pressure
Trans Mountain Corp has asked a regulator to keep the identities of its insurers private as environmental activists push them to drop coverage. Activists have stepped up pressure on banks and insurers to drop financing and insurance for fossil fuel companies, leading to European companies like AXA and Zurich pulling back from underwriting coal and oil sands projects. Trans Mountain is nearly tripling capacity of the pipeline to carry 890,000 barrels of crude and refined products per day [Read more]