CALGARY - Shareholders in Seven Generations Energy Ltd. have voted to approve a merger with fellow Calgary-based producer Arc Resources Ltd. to create Canada's sixth largest oil and gas company. At a brief special virtual meeting on Wednesday, shareholders heard that enough shares had already been voted by proxy to carry the motion in favour of the deal, which is valued at $8.1 billion including debt. It required two-thirds approval to proceed. At a second meeting today, ARC shareholders [Read more]
Arc/Seven Generations merger vote today would create sixth largest oil and gas producer
CALGARY - No surprises are expected today as shareholders in ARC Resources Ltd. and Seven Generations Energy Ltd. vote virtually on an all-shares transaction to form Canada's sixth-largest oil and gas producer. The merger, valued at $8.1 billion including debt, comes amid a spate of consolidation in the Calgary-based oilpatch but analyst Cody Kwong of Stifel FirstEnergy says what makes it unusual is that it is the combination of two equally well-respected intermediate companies. He says [Read more]
Alberta, Saskatchewan, Ontario urge Michigan to reconsider shutting down Line 5
WASHINGTON - Alberta, Saskatchewan and Ontario are forming a united front in the fight to reverse Michigan's shutdown of a key cross-border pipeline. Energy ministers from all three provinces are urging Michigan Gov. Gretchen Whitmer to reconsider her attack on Enbridge's Line 5. The ministers are testifying before a special House of Commons committee examining Canada-U.S. relations. Whitmer has ordered the 65-year-old pipeline shut down because it crosses the Straits of Mackinac, a [Read more]
Northern Alberta pipeline leak spills estimated 630 barrels of sour emulsion
CALGARY - The Alberta Energy Regulator says an oil and gas company under court protection from creditors is reporting the leak of an estimated 630 barrels of oilfield liquids from a pipeline in northern Alberta. The provincial regulator says it is responding to the release of an oil-water mixture known as 'sour emulsion' from an Accel Energy Canada line about 24 kilometres southwest of Swan Hills, reported by the company last Thursday evening. It says the pipeline has been shut down and [Read more]
Whitecap Resources raises 2021 production target as it completes two takeovers
CALGARY - Oil and gas producer Whitecap Resources Inc. says "exceptional" operating performance in the first quarter as it completed the takeover of two Calgary rivals is allowing it to increase its 2021 production and cash flow guidance without raising its capital spending plan. The Calgary-based company says its first quarter average production is expected to be between 94,000 and 95,000 barrels of oil equivalent per day, up four per cent fromits prior forecast, thanks largely to better [Read more]
‘It’s silly’ Director of Bigfoot movie thanks Alberta energy centre for controversy
EDMONTON - The director of a children's movie about Bigfoot wants to thank the Alberta government's energy centre for starting a "ludicrous" fight over the film. Ben Stassen laughed several times as he told The Canadian Press that the animated "Bigfoot Family" had dropped from the top 10 list of most-viewed films on Netflix about 15 days after its February debut. After the controversy earlier this month, "it went back up to number eight and stayed there until last Sunday," Stassen, who [Read more]
A sign of the times: CAODC ponders change to 72-year-old name
CALGARY - In a sign of changing times in the oilpatch, the head of the group representing contract drilling companies in Canada says it is exploring a change to the name adopted when it was founded in 1949. CEO Mark Scholz says members were surveyed earlier this year for input as part of a process to replace the Canadian Association of Oilwell Drilling Contractors name to better reflect its changing mandate and widening membership. In January, the Calgary-based group announced a new [Read more]
Kenney says Alberta didn’t prep carbon tax fallback plan, was hoping to win in court
EDMONTON - Alberta Premier Jason Kenney says his government didn't prepare a fallback plan on implementing a consumer carbon tax because it was hoping to win in the country's top court. Kenney says the province was buoyed by a lower court win in Alberta and noted that three of the nine Supreme Court justices had concerns with yesterday's majority decision that the tax is onside with the Constitution. Alberta is currently paying a federally imposed levy, and Kenney says that will continue [Read more]
Alberta considering its options after Supreme Court ruling on carbon tax
EDMONTON - Jason Kenney says he is disappointed with the Supreme Court of Canada ruling that the federal government has the right to levy a carbon tax on provinces. Kenney says his government will now consider its options, but the guiding principle will be to impose the least cost and hardship on consumers and Alberta industries. Alberta was one of the provinces challenging the federal carbon tax, arguing that the levy is an intolerable intrusion on the right of provinces to develop their [Read more]
Saskatchewan premier to outline next steps after Supreme Court upholds carbon price
REGINA - Saskatchewan's premier says his government will outline what it plans to do now that Canada's highest court has ruled Ottawa's carbon price is constitutional. Scott Moe says in a statement that despite the Supreme Court of Canada's ruling, he believes the program to be bad policy and punishing to families and local industries. Saskatchewan is one of a handful of provinces subject to the federal carbon price after refusing to charge its own on fuel used by consumers. The [Read more]
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