CALGARY - The Canada Energy Regulator says crude-by-rail exports reached a record high of 403,767 barrels per day in January, the first time they've surpassed 400,000 bpd. The surge in rail movements of oil beats by 10.6 per cent the previous record of 364,893 bpd set in December 2018. In December 2019, shipments totalled 347,000 bpd. The federal agency formerly known as the National Energy Board attributed the increase to two things: An Alberta government program to ease oil production [Read more]
More dividends chopped as energy firms address oil prices below US$30 per barrel
CALGARY - More energy industry dividends are being slashed as investors turn their backs on companies whose payouts are now unaffordable with oil prices plunging to less than US$30 per barrel. Shares in Calgary-based TORC Oil & Gas Ltd., which announced an 80 per cent cut in its dividend after markets closed Monday, bounced between 63 and 78 cents on Tuesday morning, a fraction of their 52-week high of $5.47 set in April of last year. AltaCorp Capital analyst Patrick O'Rourke says the [Read more]
Spring breakup slowdown offers needed pause for hard-hit drilling industry
CALGARY - It's a "glass half-full" way of looking at a crisis but as plunging oil prices cast a shadow over oil and gas companies in Western Canada, the drilling industry is already slowing down because of the weather. Each year in mid-March, melting snow and ice prompt local authorities to impose weight limits on roads to prevent damage caused by the movement of heavy equipment, such as drilling rigs, a season known as spring breakup. Rig owners lay off operating staff and use the break, [Read more]
Seven Generations and MEG Energy cutting capital spending plans for 2020
CALGARY - A pair of big names in Canada's oilpatch is cutting their capital spending plans in the wake of the sharp plunge in oil prices. Seven Generations Energy Ltd. is lowering its 2020 capital investment budget by $200 million or 18 per cent to $900 million. It says the reduction reflects a temporary deferral of planned activity that will allow it to high-grade drilling locations and improve efficiencies. Seven Generations's production for 2020 is expected to average between 185,000 [Read more]
Bonterra Energy suspends dividend due to volatility and weakness in markets
CALGARY - Bonterra Energy Corp. is suspending its dividend in the face of the volatility and weakness in global energy markets. The company says its focus remains on protecting the balance sheet, preserving the inherent value of its assets and retaining financial flexibility. Bonterra has been paying a monthly dividend of a penny per share. The decision came as Bonterra reported a profit of $21.9 million or 66 cents per share for 2019 compared with a profit of $7.2 million or 22 cents [Read more]
Enbridge moving May annual meeting online due to coronavirus concerns
CALGARY - Enbridge Inc. is moving its annual meeting in May online because of concerns about the spread of novel coronavirus. The Calgary-based energy company says the change for the May 5 event was made "out of an abundance of caution" and to mitigate risks to the health and safety of shareholders, employees and stakeholders. In a letter to shareholders contained in a regulatory filing, Enbridge says shareholders will have an opportunity to ask questions and vote on important matters [Read more]
Alberta premier says all options on table to fight oil price collapse
Alberta Premier Jason Kenney says his government will do whatever it takes to rescue the province from an oil price collapse and he wants the federal government to step up as well. “This is not just about Alberta. As Alberta goes, so goes the national economy,” Kenney said in Calgary on Monday, after markets closed with cratering oil prices threatening to drain billions of dollars from the province’s bottom line. “Albertans, even in our times of economic trial, have been contributing $20 [Read more]
Oil price dives as OPEC, Russia fail to agree on output cut
VIENNA - OPEC and key ally Russia failed to agree Friday on a cut to oil production that would have contained the plunge in the price of crude caused by the new coronavirus outbreak's massive disruption to world business. The price of oil fell sharply in international markets as a result, with the international benchmark down 8%, down by a third since the start of the year. While cheaper oil will translate into more affordable energy for consumers and businesses, it hurts producing [Read more]
Rail blockade coming down in Kahnawake
KAHNAWAKE, Que. - A blockade in the Mohawk community of Kahnawake that has halted rail traffic south of Montreal for more than three weeks is being dismantled. The Mohawk Council of Kahnawake confirmed the move today, praising the dedication of the protesters. The blockade was erected Feb. 8 in solidarity with Wet'suwet'en hereditary chiefs after the RCMP moved into Wet'suwet'en territory in northern British Columbia to enforce an injunction against a blockade erected by pipeline [Read more]
Five protesters arrested at British Columbia legislature Wednesday night
VICTORIA - Police say five people have been arrested following a protest at the British Columbia legislature. Victoria police say the five were taken into custody at about 9 p.m. Wednesday and each faces a charge of mischief. Police say there were no injuries in the arrests and they alleged the protesters called for others to surround the legislature building. They say officers were "actively obstructed" and because of the size of the crowd, it took several hours for the protesters to [Read more]
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