CALGARY - Inter Pipeline Ltd. says it has signed take-or-pay contracts covering about 60 per cent of production from the Heartland Petrochemical Complex it's building northeast of Edmonton as it continues to fight off a hostile takeover bid by Brookfield Infrastructure Partners LP. The Calgary-based company said Thursday the deals with a total of seven parties have an average duration of nine years and it is confident it will achieve its goal of 70 per cent contracted production before the [Read more]
Court asked to step in as SanLing Energy warns it intends to stop operations
CALGARY - The Alberta Energy Regulator says troubled oil and gas producer SanLing Energy Ltd. has warned it will cease operations as of April 30. It says the Orphan Well Association has therefore applied to the Court of Queen’s Bench to have a receiver assume control of SanLing’s assets. In March, the AER said it was suspending licences for thousands of wells and pipelines after private Calgary-based SanLing failed to bring its operations into regulatory compliance. It ordered the [Read more]
PrairieSky Q1 net profit nearly doubles as revenues increase on higher energy prices
CALGARY - PrairieSky Royalty Ltd. says its net income more than doubled in the first quarter on a nearly 13% increase in revenues on a rise in crude oil and natural gas prices. The Calgary-based company, which collects royalties from oil and gas production on lands for which it has the petroleum mineral rights, says it earned $18.8 million or eight cents per share. That's up from $8.6 million or four cents per share a year earlier when the COVID-19 pandemic had a big impact on the [Read more]
One year after crude turned negative, oilpatch relishes first-quarter profit outlook
CALGARY - One year after oil prices crashed to their first and only negative close during a perfect storm of energy demand bad news, Canada's oilpatch is poised to report a first-quarter gush of cash flow thanks to a dramatic recovery in global demand. On April 20, 2020, the U.S. benchmark West Texas Intermediate near-month contract price ended the day down a whopping US$55.90 at an unprecedented –$37.63 per barrel. The negative close was caused by a mix of technical commodities market [Read more]
Failed fitting caused 1200 barrel spill at Trans Mountain site in B.C. last year
VANCOUVER - A Transportation Safety Board report says the failure of a fitting on a section of narrow tubing at a Trans Mountain pumping station in British Columbia was the cause of a crude oil spill last year. The investigation report into the spill on June 12, 2020, at the Trans Mountain Sumas pump station in Abbotsford confirms as much as 1,200 barrels leaked when the fitting separated on the one-inch tube. A board report released Tuesday says tests show the compression fitting was not [Read more]
Roadblocks and protests adding value to existing pipelines, says Enbridge CEO
CALGARY - The CEO of Enbridge Inc. says the company's ongoing battles with opponents over two of its U.S. oil pipelines will eventually be recognized in higher valuations for those assets as North American energy demand inevitably increases. Al Monaco, speaking on Day 2 of the virtual 2021 Scotiabank CAPP Energy Symposium, says regulatory and political obstacles to building pipelines are expected to continue to make new pipelines hard to build, which should make "pipe in the ground" more [Read more]
Sale of Husky stations stopped, Asia-Pacific assets could be sold, says Cenovus CEO
CALGARY - The CEO of Cenovus Energy Inc. says a pending sale of Husky Energy Inc.'s chain of retail fuel stations was halted as part of the $3.8-billion all-stock takeover that closed early this year. In a fireside chat at the 2021 Scotiabank CAPP Energy Symposium, Alex Pourbaix says the sale would have taken place at a low point in the fuel retailing cycle and was stopped in hopes that the market for those assets would improve. Husky announced its plan to get out of retailing fuel to [Read more]
Industry optimism rising to pre-pandemic levels, CAPP energy symposium hears
CALGARY - The head of the Canadian Association of Petroleum Producers says predictions of the end of the oil industry during a global price war and the pandemic a year ago have proven false and the sector is rebounding to pre-COVID levels of production and pricing. Speaking at the opening of the 2021 Scotiabank CAPP Energy Symposium, Tim McMillan says oil and gas producers are looking forward to being a key part of North America's recovery from the economic slump caused by the [Read more]
Three-quarters of oil and gas sector could be displaced in move to cut emissions
TORONTO - A report by TD Bank suggests up to three-quarters of those working in the oil and gas sector could lose their jobs over the next three decades as Canada works toward its greenhouse gas emission targets. Ottawa has set a goal of net-zero emissions by 2050. The TD report says the government's commitment is critical to avoid the worst outcomes of climate change, but the cuts will need significant action The report says that 50 to 75% of those working in the oil and gas sector or [Read more]
Bonterra Energy CEO says end of takeover battle with Obsidian comes as a relief
CALGARY - The chairman and CEO of Bonterra Energy Corp. says he's relieved that rival Obsidian Energy Ltd. ended its hostile takeover campaign this week after seven months of trying to persuade investors to accept a share-swap deal. George Fink says that despite feeling "animosity" from some of the criticisms sent his way during the lengthy campaign, he is still willing to work collaboratively with Obsidian and, in fact, the companies share ownership of some oil and gas properties. The [Read more]
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