CALGARY - The CEO of Crown-owned pipeline operator Trans Mountain Corp. says it could take on other market-expanding pipeline projects if necessary, but that it would be preferable for the private sector to take the lead. Trade tumult in recent months with the United States — Canada's biggest customer for its crude oil — has intensified calls for Canada to build infrastructure that would allow its resources to flow to other global buyers. When the expanded Trans Mountain pipeline began [Read more]
News
Strathcona formally launches takeover bid for oilsands peer MEG Energy
CALGARY - Strathcona Resources Ltd. has begun its formal takeover bid for fellow oilsands producer MEG Energy. Its offer comprises 0.62 of a common share of Strathcona and $4.10 in cash for each MEG share it doesn't already own. The offer is open until Sept. 15. MEG says its board and legal and financial advisers will consider the offer, and that a special committee of independent directors will assist. The target company is urging shareholders to take no action until it has made a [Read more]
Canadian oil sands company evacuates workers due to wildfire threat
Canadian oil sands company MEG Energy said on Friday it evacuated all nonessential workers from its Christina Lake production facility in northern Alberta due to wildfires burning in the area. The company said it has not curtailed its oil production at the site, which is located 150 kilometers (93 miles) south of the oil sands hub of Fort McMurray. Wildfires burning in Canada's oil-producing province of Alberta have affected the operations of several companies this week. Cenovus Energy [Read more]
US regulators approve some construction at Venture Global’s CP2 LNG plant
U.S. regulators gave Venture Global permission on Friday to proceed with some construction activities at its proposed CP2 LNG facility in Louisiana, according to a Federal Energy Regulatory Commission document. Venture Global is proposing to build a 20 million metric tons per annum plant at Calcasieu Pass. FERC approved the plant's entire construction last week. If constructed, CP2 would be the largest LNG plant in the U.S., helping the country remain the leading exporter of the [Read more]
US crude oil output hit record high in March, while demand fell, says EIA
U.S. crude oil output rose to a monthly record high in March, while demand for oil products declined to the lowest in a year, the U.S. Energy Information Administration said in its Petroleum Supply Monthly report on Friday. U.S. crude oil output rose to 13.49 million barrels per day in March, up from 13.16 million bpd in February and the prior all-time high of 13.45 million bpd in October 2024. Crude oil production in Texas, the nation's top oil-producing state, rose 50,000 bpd from [Read more]
US drillers cut oil and gas rigs to lowest since November 2021, Baker Hughes says
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row to the lowest since November 2021, energy services firm Baker Hughes said in its closely followed report on Friday. It was the first time since September 2023 that the number of rigs declined for five straight weeks. The oil and gas rig count, an early indicator of future output, fell by three to 563 in the week to May 30. Baker Hughes said this week's decline put the total count [Read more]
Fiddlehead Resources Corp. announces Q1 2025 financial results
CALGARY, AB, May 30, 2025 /CNW/ - Fiddlehead Resources Corp. ("Fiddlehead," or the "Company") (TSXV: FHR), is pleased to announce the filing of its unaudited financial and operating results for the three months ended March 31, 2025. Selected financial and operating information should be read in conjunction with Fiddlehead's unaudited consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended Mar. 31, 2025 and 2024 ("2025 Q1 [Read more]
CPP Investments and partner sell Encino Acquisition Partners stake in US$5.6B deal
TORONTO - Canada Pension Plan Investment Board says it and Encino Energy are selling their holdings in an Ohio oil and gas producer for US$5.6 billion including debt. CPP Investments says EOG Resources is the buyer of Encino Acquisition Partners, which CPP Investments and Encino Energy established in 2017 with the aim of building it into a leading buyer of U.S. oil and gas assets. CPP Investments held a 98 per cent stake in Encino Acquisition Partners alongside Encino Energy. Bill [Read more]
Oil and gas firm EOG strengthens Utica footprint with $5.6 billion Encino deal
Shale producer EOG Resources said on Friday it would acquire U.S. oil and gas firm Encino Acquisition Partners for $5.6 billion, including debt, to bolster its Utica assets. The deal signed with Canada Pension Plan Investment Board (CPP) and Encino Energy will give EOG access to additional 675,000 net core acres and expand its multi-basin portfolio to more than 12 billion barrels of oil equivalent net resource. Houston, Texas-based Encino Acquisition, which is majority-owned by CPP, [Read more]
MEG Energy Urges Shareholders to Take NO ACTION with Respect to Unsolicited Takeover Bid by Strathcona Resources
CALGARY, AB, May 30, 2025 /CNW/ - MEG Energy Corp. ("MEG" or the "Corporation") (TSX: MEG) acknowledges the commencement by Strathcona Resources Ltd. ("Strathcona") of a conditional, unsolicited takeover bid (the "Offer") to acquire all of the issued and outstanding MEG common shares not already owned by Strathcona or its affiliates. The MEG Board of Directors (the "Board"), together with its financial and legal advisors, will consider and evaluate the Offer and related takeover [Read more]
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