CALGARY - Encana Corp. recorded a $151 million net loss in the second quarter linked to its risk management program but says it did better than last year by most other financial measures. The Calgary-based company said the net loss was equal to 16 cents per share and compared with a year-earlier net profit of $331 million or 34 cents per share. Excluding unrealized losses from its hedging program, which is designed to offset the impact of low oil prices, Encana's financial [Read more]
Forecast calls for 500 fewer wells this year despite higher global oil prices
CALGARY - The Petroleum Services Association of Canada is cutting its 2018 Canadian drilling forecast by 500 wells as pessimism continues to grip the industry despite higher global oil prices. The organization says it now expects 6,900 oil and gas wells to be drilled this year, 200 fewer than were drilled in 2017, and nearly seven per cent less than its April forecast for 7,400. PSAC CEO Tom Whalen says revenue numbers for the petroleum services sector are up this year compared to last [Read more]
Trans Mountain pipeline work to resume in August: Kinder Morgan Canada boss
EDMONTON - The head of Kinder Morgan Canada says work is to resume next month to prepare a route for the Trans Mountain pipeline expansion. Ian Anderson says the company will secure, survey and prepare the right-of-way in coming months, and First Nations will monitor the work to look for traditional artifacts and medicines. "We anticipate laying physical pipe in a prepared, surveyed, environmentally protected right-of-way early next year," Anderson said Friday. A completion date for the [Read more]
Alberta man faces fraud charges over fracking product
RED DEER, Alta. - A central Alberta man faces fraud charges over an oilfield product that was supposed to have resulted in big profits. RCMP say investors instead lost $2.6 million. "It was one of the larger fraud files we've had in the area," Const. William Lewadniuk of the Red Deer Financial Crimes Unit said Friday. Lewadniuk said the man was selling a product he said would make fracking operations at oilwells cheaper and more environmentally friendly. He said, for example, he could [Read more]
Offshore oil worker who tested positive for drug use ordered reinstated: court
ST. JOHN'S, N.L. - Newfoundland and Labrador's highest court has upheld a decision to reinstate an offshore oil worker who was fired after he tested positive for taking an unauthorized form of tranquilizer. Drug tests were ordered in January 2015 for eight Hibernia platform employees after a series of mistakes were spotted in manifests used to track luggage loaded on the helicopters that carry workers to and from the platform. All parties involved in the case, including the Communications, [Read more]
Imperial Oil posts $196-million profit in second quarter, higher revenue
CALGARY - Imperial Oil Ltd. had a $196-million profit in the second quarter and a nearly 36 per cent increase in revenue, marking a turnaround from the loss it experienced a year earlier. The quarter's net income was 24 cents per share, which compared with a year-earlier loss of $77 million or nine cents per share. Total revenue was $9.5 billion, up about $2.5 billion from a year earlier. Imperial's downstream activities were the major drivers of growth during the [Read more]
CPPIB and Texas partner to purchase oil and gas assets in Ohio
HOUSTON - A partnership which includes the Canada Pension Plan Investment Board has signed an agreement to acquire oil and gas assets in Ohio for about C$2.6 billion in cash. Encino Acquisition Partners (EAP) — comprised of the CPPIB and Houston-based Encino Energy — is purchasing more than 364,000 hectares of land on which about 900 wells produce more than 600 million cubic feet of gas equivalent per day. EAP says it plans to operate multiple drilling rigs on the properties to [Read more]
Oilsands companies upbeat about future as Q2 results reveal gains and setbacks
CALGARY - Higher oil prices and signs that pipelines will be built to take growing production to market are fuelling optimism among oilsands producers as they roll out second-quarter results. The brighter picture is reflected in news that Husky Energy Inc. is increasing its dividend for the second time since reinstating it in April, along with reports of record production at Cenovus Energy Inc. and a faster-than-expected ramp up of Suncor Energy Inc.'s new Fort Hills oilsands mine and Hebron [Read more]
City of Burnaby going to court to help remove pipeline protest camp
BURNABY, B.C. - The City of Burnaby is going to B.C. Supreme Court asking for help in enforcing an eviction order on a pipeline protest camp that has grown to include two-storey structures, a shower and a sacred fire. A statement from the city issued Thursday says it has attempted to negotiate with those at "Camp Cloud" but there is no willingness by occupants to comply with its bylaws. City manager Lambert Chu says the city will seek an order from the court empowering it to enforce the [Read more]
Suncor CEO says partners holding up Syncrude reliability improvements
CALGARY - Suncor Energy Inc. CEO Steve Williams says its partners in the Syncrude oilsands mining operation are resisting taking action that could solve ongoing performance issues at the four-decade-old northern Alberta operation. Suncor owns 58.74 per cent of the 350,000-barrel-per-day mine and upgrader but it is operated by a separate company and 25 per cent owner Imperial Oil Ltd. has a management services contract. The rest is owned by subsidiaries of Chinese companies Sinopec and [Read more]
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