Gasoline for that summer road trip will cost a bit more than experts in the federal government were expecting just a month ago. The government is also predicting higher prices for crude oil despite an increase in U.S. production. That's because global demand is rising faster than previously expected. The Energy Information Administration on Tuesday estimated that the U.S. will pump a record 12.45 million barrels of oil a day this year and that will rise again to 13.38 million barrels a day [Read more]
Headlines
Peyto Exploration & Development Corp. Announces Q1 2019 Results
CALGARY, Alberta, May 07, 2019 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (“Peyto” or the “Company”) is pleased to present its operating and financial results for the first quarter of the 2019 fiscal year. A 68% Operating Margin(1) and a 16% Profit Margin(2) in the quarter delivered a 6% return on capital employed (ROCE) and a 6% return on equity (ROE), on a trailing twelve month basis. Additional highlights included: Liquids yield increases 31%. Condensate and NGL [Read more]
Freehold Royalties Ltd. Announces First Quarter Results
CALGARY, Alberta, May 07, 2019 (GLOBE NEWSWIRE) -- Freehold Royalties Ltd. (Freehold) (TSX:FRU) announced first quarter results for the period ended March 31, 2019. RESULTS AT A GLANCE Three Months Ended March 31 FINANCIAL ($000s, except as noted) 2019 2018 Change Royalty and other revenue 35,609 39,157 -9 % Net Income (loss) (7,079 ) 4,423 -260 % Per share, basic and diluted ($) (0.06 ) 0.04 -250 % Funds from [Read more]
TORC Oil & Gas Ltd. Announces First Quarter 2019 Financial & Operating Results; Increase to 2019 Production Guidance and Increase to the Dividend
CALGARY, May 7, 2019 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TSX: TOG) is pleased to announce its financial and operating results for the three months ended March 31, 2019. The associated management's discussion and analysis ("MD&A") and unaudited interim financial statements as at and for the quarter ended March 31, 2019 can be found at www.sedar.com and www.torcoil.com. Highlights Three months ended (in thousands, except per share [Read more]
B.C. premier asks utilities commission to probe high price of gasoline
VICTORIA - Premier John Horgan has asked the British Columbia Utilities Commission to investigate why gasoline in Metro Vancouver and Vancouver Island is so much more expensive than the rest of the country. A statement from the premier's office says Horgan spoke with Prime Minister Justin Trudeau on Monday and brought up his concerns, making it clear that gas hovering around $1.70 a litre is of national importance. Horgan's request to the utilities commission on Tuesday asks that it [Read more]
Enbridge seeking at least 8-year oil shipping commitments on Canada Mainline, worrying small producers
WINNIPEG, Manitoba/CALGARY, Alberta, May 7 (Reuters) - Enbridge is asking oil shippers to sign at least eight-year contracts to move crude on its Mainline pipeline network, as it proposes to shift away from a monthly allocation system, people with knowledge of the matter told Reuters. The minimum term Enbridge Inc is seeking, previously unreported, is raising fears among small Canadian producers that they will lose out to bigger players, at a time when pipeline congestion has damaged the [Read more]
Western Canadian oil inventories hit record high despite curtailments
Western Canadian crude oil storage inventories hit a record high of 37.1 million barrels in April, according to data from energy information provider Genscape, as Alberta government production cuts failed to reduce a glut of oil in the province.Genscape said the build in inventories was due to lower pipeline flows out of Canada's main crude-producing province, while crude-by-rail shipments remain below the high levels they hit late last year.Alberta imposed temporary oil production [Read more]
Oregon denies water permit for Pembina’s Jordan Cove LNG export terminal
Oregon environmental regulators denied water quality certification for Canadian energy company Pembina Pipeline Corp's proposed $10 billion Jordan Cove liquefied natural gas (LNG) export terminal The Oregon Department of Environmental Quality (DEQ) said on Monday its decision was made "without prejudice," meaning Pembina may reapply for certification and submit additional information that could result in a different decision. Pembina said on Tuesday its management team was "working to [Read more]
Baker Hughes Announces April 2019 Rig Counts
HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for April 2019 was 1,062, up 23 from the 1,039 counted in March 2019, and up 84 from the 978 counted in April 2018. The international offshore rig count for April 2019 was 251, up 4 from the 247 counted in March 2019, and up 57 from the 194 counted in April 2018. The average U.S. rig count for April 2019 was 1,012, down 11 from the 1,023 counted in March [Read more]
U.S. sinks Arctic accord due to climate change differences
The United States has refused to sign an agreement on challenges in the Arctic due to discrepancies over climate change wording, diplomats said on Tuesday, jeopardising cooperation in the polar region at the sharp edge of global warming. Temperatures in the Arctic are rising at twice the rate of the rest of the globe, and melting ice has opened vast untapped oil and gas reserves to potential commercial exploitation.A meeting of nations bordering the Arctic in Rovaniemi in northern Finland on [Read more]