Calgary-based Waterous Energy Fund says it intends to launch a formal takeover bid for private junior oilsands producer Osum Oil Sands Corp. to raise its ownership stake to 85%. The private fund is offering to buy to 52.5 million of Osum's common shares, about 40% of the total, for $2.40 per share or $126 million. The fund established in 2017 and headed by CEO Adam Waterous bought 45% of the shares last July for the same price from Osum's three largest shareholders. If the takeover [Read more]
Exxon, Chevron to cut US jobs as oil industry struggles
NEW YORK - Exxon Mobil is slashing 1,900 jobs from its U.S. workforce and mulling cuts to its Canadian operations, while Chevron plans to cut a quarter of the employees at its recently acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The Irving, Texas oil giant had about 75,000 employees worldwide at the end of 2019. “It’s difficult to overstate [Read more]
Bleak drilling forecast calls for even fewer Canadian oil and gas wells in 2021
CALGARY - The Petroleum Services Association of Canada (PSAC) says it expects another "bleak" year for Canadian oil and gas drilling in 2021. It says it expects a total of 2,600 wells will be drilled in Canada next year, down from its expected total of 2,850 wells in the current year. Both numbers represent more than 50-year lows for activity. PSAC cut its 2020 Canadian drilling forecast three times over the past 10 months as oil prices fell early in the year due to global overproduction [Read more]
Suncor says end of Alberta oil quotas a “positive signal” as it reports $302M loss
CALGARY - The CEO of Suncor Energy Inc. says the Alberta government's decision to end its oil production curtailment program in December after almost two years is "a very positive signal" for the oilsands and refining giant. On a conference call, Mark Little says the end of the quota system imposed to support oil prices will allow Suncor to operate "unencumbered" as it recovers from nine months marked by low oil prices, the COVID-19 pandemic disruptions, and a fire in August that hurt [Read more]
Husky Energy hit by non-cash impairment charges, reports $7-billion loss in Q3
CALGARY - Husky Energy Inc. reported a nearly $7.1-billion loss in its latest quarter as it was hit by $6.7 billion in non-cash impairment charges after taxes related to lower long-term commodity price assumptions and reduced capital investment. The company says the loss amounted to $7.05 per share for the quarter ended Sept. 30 compared with a profit of $273 million or 26 cents per share in the same quarter last year. Revenue totalled $3.33 billion, down from $5.29 billion a year [Read more]
Suncor Energy misses expectations with $302M loss on lower production, prices
CALGARY - Suncor Energy Inc. is reporting a third-quarter operating loss of $302 million or 20 cents per share as revenue fell 34 per cent to $6.5 billion due to lower production and oil prices compared with the same period of 2019. The Calgary-based company earned $1.114 billion or 72 cents per share in the third quarter of 2019 on revenue of $9.9 billion. Suncor says maintenance outages across its oilsands and refining operations resulted in production falling to 616,000 barrels of oil [Read more]
Inquiry into Alberta oil and gas critics extended to Jan. 31, with no new money
EDMONTON - A public inquiry into who is funding environmental opposition to Alberta's oil and gas industry has been granted an extension until the end of January. Alberta's United Conservative government contends foreign interests have long been bankrolling campaigns against fossil fuel development and in 2019 tapped forensic accountant Steve Allan to lead a $2.5-million inquiry. Allan's report was initially due in July, but he was granted an extension until Oct. 30 and a $1-million budget [Read more]
Husky pipeline spills 5,600 barrels of produced water in Northwestern Alberta
RAINBOW LAKE, Alta. - Husky Energy says 5,600 barrels of produced water spilled from one of its pipelines in Northwestern Alberta. Produced water is a byproduct of oil and gas extraction and sometimes contains residual petroleum and chemicals. The Calgary company says the leak was discovered on Monday in the Rainbow Lake area and some of the water spilled into nearby muskeg. Spokeswoman Dawn Delaney says the spill is contained and the company is continuing to clean it up with pumps and [Read more]
Suncor Energy relocating its PetroCanada head office to Calgary from Ontario
CALGARY - Suncor Energy Inc. is moving its PetroCanada head office to Calgary from two offices in Ontario next year, affecting about 700 workers. A company spokesman says the shift is part of efforts by the oilsands and retail fuel giant to remain competitive by integrating the downstream business with the rest of Suncor to be more efficient. The downstream operations are largely PetroCanada refineries through to retail and wholesale sales, PetroCanada and Petro-Pass. Not all positions [Read more]
MEG Energy CEO deflects takeover speculation as oilsands company reports Q3 loss
CALGARY - The CEO of MEG Energy Corp. says it's business as usual for the oilsands producer despite speculation it could be a takeover target in the wake of the $3.8-billion buyout of Husky Energy Inc. announced by Cenovus Energy Inc. on Sunday. Derek Evans says the Calgary-based company doesn't consider itself a "driver" in the consolidation business and is concentrating on continuing to operate its business as the largest remaining pure-play bitumen producer in the oilsands. Analysts [Read more]
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