U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 554 in the week to June 20, the lowest since November 2021. Baker Hughes said this week's decline puts the total rig count down 34 rigs, or 5.8% below this time last year. Baker [Read more]
News
Competition Bureau reaches deal with Canadian Natural Resources over gas processing
OTTAWA - The Competition Bureau says Canadian Natural Resources Ltd. has agreed to sell 75 per cent of its interest in its Seiu Lake natural gas processing plant to address competition concerns related to its proposed acquisition of Schlumberger N.V.’s (SLB) interest in the Palliser Block joint venture. Under a consent agreement with the regulator, Canadian Natural will sell a majority interest in the plant to North 40 Resources Inc., an oil and natural gas exploration company operating in [Read more]
Putin says he is worried when asked if he is concerned world is heading towards World War Three
Russian President Vladimir Putin said on Friday that he was worried when asked if he was concerned that the world was heading towards World War Three. Putin, speaking at an economic forum in St Petersburg, said there was a lot of potential for conflict in the world and that it was growing. He mentioned Russia's own war in Ukraine, the conflict between Israel and Iran, and said he was concerned by what was happening around nuclear facilities in Iran where Russian specialists are building [Read more]
Strathcona defends unsolicited takeover offer for oilsands peer MEG Energy
CALGARY - Strathcona Resources Ltd. says MEG Energy Corp. has made errors and misleading statements in its justifications for rejecting its unsolicited takeover bid. Last month, Strathcona made a cash-and-stock offer to buy all of the MEG shares it does not already own, and MEG shares have consistently been trading higher than the implied offer price. Earlier this week, MEG urged shareholders to reject the bid, in part because it says combining with Strathcona would expose shareholders to [Read more]
US refinery capacity grew by nearly 40,000 bpd to 18.4 million bpd in 2024
U.S. refinery crude oil processing capacity grew by nearly 40,000 barrels per day in 2024 to 18.4 million bpd, the U.S. Energy Information Administration said on Friday. Motiva Enterprises' Port Arthur, Texas, plant became the largest single refinery by capacity at 640,500 bpd, passing Marathon Petroleum's Galveston Bay Refinery in Texas City, Texas, according to the report. Motiva's increase of 14,500 bpd from a year ago was due to improving operating efficiency. National capacity may [Read more]
US sanctions target those providing Iran with defense machinery, Houthi oil trading
The Trump administration said on Friday it had issued fresh Iran-related sanctions targeting eight entities, one vessel and one person for their alleged role in providing sensitive machinery for Tehran's defense industry. "The United States remains resolved to disrupt any effort by Iran to procure the sensitive, dual-use technology, components, and machinery that underpin the regime’s ballistic missile, unmanned aerial vehicle, and asymmetric weapons programs," U.S. Treasury Secretary Scott [Read more]
Competition Bureau reaches agreement with Canadian energy company to preserve competition in the oil and natural gas industry
GATINEAU, QC, June 20, 2025 /CNW/ - The Competition Bureau has reached a consent agreement with Canadian Natural Resources Limited to address competition concerns related to its proposed acquisition of Schlumberger N.V.'s (SLB) interest in the Palliser Block joint venture. These assets include SLB's 87.5% interest in 16 natural gas processing plants in southeastern Alberta. The Bureau found that the proposed transaction would likely result in a significant increase in market concentration in [Read more]
US natgas heads for best week in more than a month on hot-weather forecasts
U.S. natural gas futures slipped on Friday but headed for its best week in more than a month, steered by forecasts for hotter weather that should boost the amount of gas power generators burn to keep air conditioners humming. Gas futures for July delivery on the New York Mercantile Exchange fell 2 cents, or 0.5%, to $3.97 per million British thermal units (mmBtu), after hitting its highest level since April earlier in the session at $4.148. Prices were up over 10% so far for the [Read more]
Competition Act Private Rights of Action take effect June 20
In recent decades, the growing emphasis on climate change and environmental stewardship has led to a marked rise in 'green' marketing. Since the enactment of Bill C-59 last year, however, many businesses have been cautious in making environmental claims, due to ongoing uncertainty regarding the enforcement approach toward the newly implemented greenwashing provisions of the Competition Act (Act).[1] Refresher: How did Bill C-59 change the Competition Act? Bill C-59 introduced significant [Read more]
Keyera Announces Closing of $2.07 Billion Bought-Deal Offering of Subscription Receipts
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ CALGARY, AB, June 20, 2025 /CNW/ - Keyera Corp ("Keyera" or the "Company") (TSX: KEY) today announced that it has completed its previously announced offering (the "Offering") of subscription receipts ("Subscription Receipts"). Pursuant to the Offering, the Company issued 52,874,700 Subscription Receipts, including 6,896,700 Subscription Receipts issued pursuant to the exercise in full by the underwriters [Read more]
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