The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about 3 million bpd of refined products like gasoline and diesel fuel. The United States is also the leading liquefied natural gas (LNG) exporter, where growth is expected to soar in coming years. But the [Read more]
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TC Energy says cold weather could slow recovery of oil from Keystone pipeline leak
CALGARY - TC Energy Inc. says upcoming cold weather has the potential to slow the recovery of the oil spilled from its Keystone pipeline leak in Kansas. The company says it has recovered an estimated 7,233 barrels of oil from a creek as of 5 p.m. CT on Sunday. The Keystone pipeline suffered the worst leak in its history when about 14,000 barrels of oil spilled into a creek in Washington County, Kan., on Dec. 7. The company says the affected segment of the pipeline remains isolated as [Read more]
U.S. natgas futures down 8% on milder weather forecasts
U.S. natural gas futures dropped by 8% on Monday on forecasts for less cold weather than previously expected over the next two weeks that will likely reduce heating demand. Front-month gas futures fell 52.8 cents, or 8%, to $6.072 per million British thermal units (mmBtu) as of 9:20 a.m. ET (1420 GMT), the lowest level since Dec. 9. "The market is looking beyond the current cold snap and there's a belief that as cold as it's going to get, it's going to be a short-lived polar blast," said [Read more]
ROK Resources announces strategic Southeast Saskatchewan asset acquisition
REGINA, SK - ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) (TSXV:ROK.WT) is pleased to announce that it has entered into an Asset Exchange Agreement (the "Acquisition") to acquire certain oil & gas assets (the "Assets"), currently producing approximately 1,500 boe/d (69% Liquids), in Southeast Saskatchewan from an Intermediate Energy Producer ("Intermediate Energy Producer") in exchange for total consideration of: (i) $26.5 million CAD in cash, before adjustments1 (the "Cash [Read more]
Whitecap Resources Inc. accelerates return of capital with $419 million in dispositions and a 32% dividend increase
CALGARY, AB - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has entered into three definitive agreements to dispose of certain non-strategic assets, effective October 1, 2022 for aggregate consideration of $419 million, consisting of $394 million in cash and producing assets that consolidate working interest in our operated Butte, Saskatchewan core area. Current production from the disposed assets is approximately 11,000 boe/d1 and is expected to [Read more]
Advantage announces preliminary results of substantial issuer bid
CALGARY, AB - Advantage Energy Ltd. ("Advantage" or the "Corporation") announces the preliminary results of its substantial issuer bid (the "Offer"), pursuant to which the Corporation offered to purchase for cancellation up to $100,000,000 of its common shares (the "Shares") and which expired at 5:00 p.m. (Eastern Standard Time) on December 16, 2022 (the "Expiration Date"). The Offer proceeded by way of a modified Dutch auction whereby holders of Shares ("Shareholders") could choose to either [Read more]
i3 Energy PLC announces Board changes
EASTLEIGH, ENGLAND - i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada confirms, following the completion of relevant AIM rules requirements, the previously announced appointment of Ryan Heath to the Board of Directors as an Executive Director effective immediately. Ryan Heath was appointed President of i3 Canada, following i3's December 2020 acquisition of Toscana Energy Income Corporation, where he served as the Chief [Read more]
International Petroleum Corporation announces results of normal course issuer bid
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 279,000 IPC common shares (ISIN: CA46016U1084) during the period of December 12 to 16, 2022 under IPC’s normal course issuer bid / share repurchase program (NCIB). IPC’s NCIB, announced on December 1, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No [Read more]
Canada’s weekly rig count at 199
Canada averaged 199 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 33% are drilling for natural gas, 55% are drilling for oil, 5% for other (helium, hydrogen, geothermal, lithium, or potash), and 7% are moving. Drilling activity by province is 77% in Alberta, 12% in Saskatchewan, 9% in BC, and 2% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 34%, Ensign Drilling with 22%, Savanna [Read more]
Suncor faces charges related to injury of offshore Nfld. worker: regulator
ST. JOHN'S, N.L. - Newfoundland and Labrador's offshore oil and gas regulator says it has laid charges against Suncor Energy Inc. for alleged offenses related to the injury of a worker on the company's Terra Nova offshore platform. The Canada-Newfoundland and Labrador Offshore Petroleum Board says the charges are related to the injury of a worker on Dec. 29, 2019, who fell from a ladder while conducting gas testing. The board alleges that Suncor failed to ensure all workers had a properly [Read more]