CALGARY - Pipeline and power company TC Energy Corp. is moving to buy out the other unitholders in TC PipeLines, LP, a U.S. master limited partnership it operates, for about US$1.48 billion (C$1.97 billion) in shares. The Calgary-based company says it will offer 0.65 of a share in the parent company for each TC PipeLines unit, the equivalent of US$27.31 per unit based on the TC Energy's Friday closing price and reflecting a 7.5 per cent premium to the 20-day volume weighted average price of [Read more]
Suncor Energy says it will cut 10 to 15 per cent of its workforce over next 18 months
CALGARY - Oil and gas giant Suncor Energy Ltd. says it will eliminate as many as 1,930 jobs over the next 18 months as a result of cost-cutting to deal with low oil prices and market volatility. Spokeswoman Sneh Seetal says CEO Mark Little told employees on a conference call Friday morning the company will aim to reduce total staff by 10 to 15 per cent over the next 18 months, starting with a five per cent cut over the next six months. The Calgary-based company had 12,889 staff at the end [Read more]
Painted Pony shareholders approve sale to Canadian Natural Resources
CALGARY - Shareholders in Calgary-based Painted Pony Energy Ltd. have approved its sale to much larger Canadian Natural Resources Ltd. for 69 cents per share. The company says more than 86 per cent of its shares were voted in favour of the friendly takeover deal announced in August through which Canadian Natural will pay $111 million in cash and assume $350 million in debt. The buyer, best known for its heavy oil and oilsands production, has said the purchase will allow it to grow its [Read more]
Court hearing to resume in B.C. over Coastal GasLink pipeline
VANCOUVER - A court hearing is set to resume today in a pipeline dispute that led to nationwide protests in February. The British Columbia Supreme Court is hearing arguments over the province's extension of an environmental assessment certificate for the Coastal GasLink pipeline. Court heard Thursday from lawyers for the Office of the Wet'suwet'en, who are seeking an order quashing the extension. Lawyers for the pipeline company and the B.C. Environmental Assessment Office are expected [Read more]
TransAlta and Tidewater selling Pioneer Pipeline to Atco instead of TC Energy
CALGARY - TransAlta Corp. and its partner, Tidewater Midstream & Infrastructure Ltd. have signed a new deal to sell the Pioneer Pipeline to Atco Gas and Pipelines Ltd. for $255 million, replacing an earlier agreement to sell it to a subsidiary of TC Energy Corp. for the same price. Atco acquired the right to purchase the Pioneer Pipeline through an option agreement with TC Energy's Nova Gas Transmission Ltd. (NGTL) The Pioneer Pipeline includes 131 kilometres of operating pipeline in [Read more]
Shell plan to cut up to 9,000 jobs could result in 100s of fewer jobs in Canada
CALGARY - Hundreds of Canadian employees of Royal Dutch Shell could be affected by its plan revealed Wednesday to cut between 7,000 and 9,000 jobs worldwide by the end of 2022. The company has 3,500 workers in Canada, accounting for about 4.2 per cent of its global workforce of about 83,000 employees, confirmed Shell Canada spokeswoman Tara Lemay. If the cuts are made proportionately, they would result in between 294 and 378 fewer jobs in Canada. "We do not have an exact figure because [Read more]
Saskatchewan Premier Moe says throne speech lacks support for farms, energy
REGINA - Saskatchewan's premier says the federal throne speech lacks support for the energy and agriculture industries. Scott Moe and other premiers had also asked Ottawa to increase funding for health care ahead of today's speech. Moe says the address failed to mention the premiers' request although he noted that Prime Minister Justin Trudeau has indicated he's willing to negotiate. Moe says the energy industry and farmers don't appear to be priorities for the Liberals. He says he [Read more]
Canadian crude-by-rail exports fall to another eight-year low in July
CALGARY - Canadian exports of crude oil by rail fell to another eight-year low in July despite the gradual recovery of North American fuel demand from low levels due to measures taken to control the COVID-19 pandemic. The Canada Energy Regulator says rail shipments of oil in July fell to about 39,000 barrels per day, down from 42,820 bpd in June (also an eight-year low). Shipments were more than 10 times as high in February, when they reached a record 412,000 bpd. July shipments [Read more]
Obsidian Energy formalizes share swap bid for Calgary rival Bonterra Energy
CALGARY - Obsidian Energy Ltd. is formalizing its hostile takeover bid for rival Bonterra Energy Corp. It says it will offer two Obsidian shares for each Bonterra share until Jan. 4. The share-swap offer is the same as the proposal in a declaration of intent made in late August, despite Bonterra shares continuing to trade for more double those of Obsidian. On Friday, Bonterra stock closed at $1.22 per share, about 2.1 times the value of Obsidian stock at 57 cents. In a news release, [Read more]
B.C. disburses first half of federal funds to reclaim dormant oil and gas wells
VANCOUVER - The first half of a $100-million federal fund directed at cleaning up dormant oil and gas wells in British Columbia has been disbursed. Energy Minister Bruce Ralston says work is underway to reclaim wells that have been inactive for at least five years and aren't likely to come back into service. He says applications to receive a share of the second $50-million instalment will open on Nov. 1, allowing B.C.-based companies to hire local workers to clean up about 2,000 dormant [Read more]
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