U.S. oil producers profiting from sky-high prices are doling out billions to shareholders and building cash reserves, a strategy irking lawmakers and voters struggling with record fuel prices while winning over Wall Street. Soaring fuel prices have boosted inflation to a 40-year record and are expected to drive up U.S. gasoline by more than a dollar to $6 a gallon by August. That prospect has some officials arguing the industry's focus on returns is benefiting a few at the expense of [Read more]
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Shell Plc First Quarter 2022 Euro and GBP equivalent dividend payments
The Board of Shell plc (“Shell”) today announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2022 interim dividend, which was announced on May 5, 2022 at US$0.25 per ordinary share. Shareholders have been able to elect to receive their dividends in US dollars, euros or pounds sterling. Holders of ordinary shares who have validly submitted US dollars, euros or pounds sterling currency elections by June 7, 2022 will be entitled to a dividend of [Read more]
Imperial announces preliminary results of its substantial issuer bid
CALGARY, Alberta - Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the preliminary results of its substantial issuer bid (the “Offer”), pursuant to which Imperial offered to purchase for cancellation up to $2.5 billion of its common shares (the “Shares”). The Offer proceeded by way of a modified Dutch auction, which had a tender price range from $62.00 per Share to $78.00 per Share, and included the option for shareholders to participate via a proportionate tender. The Offer [Read more]
U.S. natgas flat as record Texas power demand offsets decline in gas use
U.S. natural gas futures were little changed on Monday as record power demand in Texas offset a forecast decline in gas use across the rest of the country this week. Power demand in Texas hit an all-time high on Sunday and will likely break that record on Monday as economic growth boosts usage and homes and businesses keep air conditioners cranked up to escape a lingering heatwave. Front-month gas futures for July delivery on the New York Mercantile Exchange (NYMEX) rose 3.6 cents, or [Read more]
Canada’s weekly rig count up 23 to 157
Canada averaged 157 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 30% are drilling for natural gas, 59% are drilling for oil, 3% for other (helium, hydrogen, geothermal, or potash), and 8% are moving. Drilling activity by province is 73% in Alberta, 19% in Saskatchewan, 3% in BC, and 5% elsewhere. Precision Drilling holds the majority of the Canadian market share with 28%, Ensign Drilling with 23%, Savanna Drilling with [Read more]
Heavy crude discount tightens further
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark tightened on Thursday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta last traded at $18.75 a barrel below WTI, according to NE2 Group, narrowing 55 cents from the previous day's settlement. Despite the narrowing, the discount Canadian heavy barrels remain within sight of recent lows around $20 a barrel under WTI. WCS prices are being weakened by the U.S. [Read more]
Facing record inflation, Biden aims at oil companies
U.S. President Joe Biden on Friday said he was working with U.S. oil companies to boost output to record levels next year, while accusing the industry of capitalizing on a supply shortage to fatten profits. U.S. consumer inflation accelerated in May as gasoline prices hit a record high and the cost of food soared, leading to the largest annual increase in four decades. Biden, who came into office vowing to reduce U.S. dependence on fossil fuels, said on Friday he was hoping to speed up oil [Read more]
U.S. drillers add oil and gas rigs for first time in three weeks
The U.S. oil and natural gas rig count rose this week for the first time in three weeks, as crude output slowly returns to pre-pandemic levels despite high prices as producers focus on returning money to shareholders and paying down debt. The oil and gas rig count, an early indicator of future output, rose six to 733 in the week to June 10, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total [Read more]
Biden looking to address oil refinery capacity
U.S. President Joe Biden is looking at ways to bring in more oil supplies amid rising energy costs, including working to address oil refinery capacity, White House economic adviser Cecelia Rouse said on Friday. "He is looking for what he can do administratively, whether that's working with oil companies and refineries asking them, 'We recognize your back capacity challenges - what can we do to help you maintain your refining capacity and bring more oil online?'" Rouse, chair of the White [Read more]
Tamarack Valley Energy Ltd. announces closing of previously announced Rolling Hills Energy Ltd. acquisition and extension of existing sustainability-linked lending
CALGARY, AB - Tamarack Valley Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE) is pleased to announce that it has successfully closed the previously announced acquisition (the "Acquisition") of Rolling Hills Energy Ltd. ("Rolling Hills"), a privately held pure play Clearwater oil producer. Tamarack acquired all of the issued and outstanding common shares of Rolling Hills for total net consideration of 9.3 million common shares of Tamarack and $46.5 million in cash. Tamarack has now [Read more]