Canadian Prime Minister Justin Trudeau has an unusual challenge as he seeks to charm angry westerners who fear he will destroy the region's oil and gas industry - the legacy of his father, who was reviled in much of the west for his energy policies. Pierre Trudeau, also a Liberal prime minister, pushed through a series of measures in 1980 to artificially depress the price of oil and help the more populous and politically influential east, in what is now the fourth largest oil producer in the [Read more]
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Chevron Announces $20 Billion Capital and Exploratory Budget for 2020
SAN RAMON, Calif. - Chevron Corporation today announced a 2020 organic capital and exploratory spending program of $20 billion. The 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by Chevron’s world-class Permian Basin position, the company’s major capital project at TCO in Kazakhstan, and an advantaged queue of deepwater opportunities in the Gulf of Mexico. “We are positioning Chevron to win in any environment by ratably investing in the highest [Read more]
Exxon Mobil prevails in lawsuit over climate regulations
NEW YORK - Exxon Mobil won Tuesday in a closely watched lawsuit over the costs of climate change, with a judge saying there was no proof the energy giant duped investors about the toll that regulations could take on its business. New York Attorney General Letitia James' office didn't prove the company made any material misstatements "that misled any reasonable investor,” state judge Barry Ostrager in Manhattan wrote in dismissing the case. “Nothing in this opinion is intended to absolve [Read more]
Exxon wins climate change lawsuit, as cases over global warming proliferate
Exxon Mobil Corp on Tuesday scored a win in a closely-watched case after a judge ruled that the company did not hide the true cost of climate change regulation from investors.The case, brought by the New York Attorney General, is one of dozens of lawsuits in the United States brought against oil companies by local and state governments over global warming. Justice Barry Ostrager said that the state had failed to prove investors were misled.The following is a summary of how climate change [Read more]
Enbridge Increases Dividend by 9.8%, Announces 2020 Financial Guidance and Provides Update on Strategic Priorities
CALGARY - Enbridge Inc. (Enbridge or the Company) (TSX:ENB)(NYSE:ENB) announced its 2020 dividend and financial guidance and provided an update on its strategic priorities, which will be further discussed at the Company's investor conference today in New York. Highlights A 9.8% increase in the Company's common share dividend to $0.81/quarter ($3.24 annually), effective March 1, 2020. Updated 2020 financial guidance: EBITDA of approximately $13.7 billion; DCF per share of $4.50 to [Read more]
Understanding the Importance of Accurate Insurance Values
Every year, you pay for insurance to cover your business if disaster strikes, but are you sure that your values are accurate? Gerald Kim, Partner, Valuations, Forensics & Litigation Support at MNP works with oil and gas companies and sees how businesses consistently underestimate their insurance needs – and warns of the risks. “Inadequate coverage is common, and leaves organizations footing a bill they can’t pay,” Kim explains. “It can lead to intense financial distress in the event of [Read more]
Cenovus’s 2020 budget maintains focus on cost leadership, capital discipline
CALGARY - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) remains committed to delivering increasing shareholder value through cost leadership, capital discipline and continued safe and reliable operations. These commitments, combined with its top-tier upstream assets, successful crude-by-rail program and joint ownership in two high-performing U.S. refineries, position Cenovus to continue generating significant free funds flow while enabling the company to further strengthen its balance sheet in [Read more]
Cardinal Announces Its 2020 Operating and Capital Budget, Renewal of the Convertible Debenture Normal Course Issuer Bid and the Monthly Dividend for December
CALGARY - (CJ:TSX) Cardinal Energy Ltd. ("Cardinal" or the "Company") is pleased to announce that its Board of Directors has approved an operating and capital budget for 2020 that will focus on debt reduction, a sustainable dividend, operating costs reductions and increasing production volumes. Cardinal also announces that the Toronto Stock Exchange (the "TSX") has accepted the notice of Cardinal's intention to commence a normal course issuer bid (the "NCIB"). Highlights of 2020 Budget [Read more]
Enbridge says Minnesota concludes no additional risk to lake from pipeline
Canada's Enbridge Inc said on Monday that a revised environmental statement from the state of Minnesota's commerce department concludes that replacing the aging Line 3 oil pipeline would not introduce risks for Lake Superior in the case of a spill. The revised statement was drafted at the request of the Minnesota Public Utilities Commission (PUC). A court had determined the previous environmental assessment was inadequate. The commerce department's spill modelling showed that oil from a [Read more]
Gibson Energy Announces 2020 Capital Budget
CALGARY - Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI), announced today that its Board of Directors has approved a 2020 growth capital expenditure budget of approximately $300 million, comprised predominantly of sanctioned growth projects. Additionally, the Board of Directors has approved the allocation of approximately $25 million in replacement capital expenditures. “Gibson’s ability to continue growing our long-term infrastructure businesses, ensuring we meet or exceed our [Read more]